India's ICICI Bank has announced the launch of a suite of digital solutions for exporters offering a comprehensive set of banking and value-added services on a single platform.

It provides what the bank describes as "industry-first offerings", including digital letters of credit (L/Cs) and bank guarantees as well as Trade APIs, which allow exporters to initiate L/Cs directly with the bank.

Digital solutions

India's largest private sector bank in terms of assets and the second largest by market capitalisation claims to be the first bank to offer such a comprehensive set of digital solutions on a single platform.

The suite of solutions provides increased operational efficiency and convenience to exporters according to ICICI, which says the suite digitises the entire export lifecycle, from discovery of export markets, export finance and foreign exchange services to receipt of export incentives.

L/C facilities

For exporters, the digital L/C facility acts both as a document repository and makes the L/C available on a real-time basis so that trade terms can be immediately verified.

The bank also offers Trade APIs, which it claims provide an industry-first solution for seamless handling of export bills. The range of APIs includes L/Cs, bank guarantees and remittances and enables exporters to initiate transactions directly with the bank.

A full description of ICICI's digital solutions for exporters can be found here.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.