DBS Bank India has partnered with technology firm ODeX, developer of a platform for shipping document exchange and payment facilitation, to introduce a new service called ODeX Pay Later Solutions.
The partnership will allow ODeX customers in India to access payment and financing services for ocean shipping transactions through the platform, and is aimed particularly at freight forwarders that must pay shipping lines, port terminals, container freight stations and other stakeholders upfront to clear cargo on time before receiving payments from their own customers.
The ODeX Pay Later Solutions system will allow qualifying freight forwarders to access secured and unsecured loans to make direct payments to shipping companies, based on the applicant’s turnover and length of time in the industry.
Customers can log in via ODeX and access finance services within the software. A Pay Later purchase invoice discounting option will be available at the checkout point on the platform, helping to unlock funds for releasing goods on time without detention charges.
The end-to-end process for onboarding is digital, and the approval time for the credit line is approximately three days, the companies note. Once approved, the customer can dip into their credit line as required and the bank receives data from ODeX directly.
“The integration with ODeX will help simplify the payment journey for freight forwarders, thereby increasing efficiencies,” said Divyesh Dalal, Head – Global Transaction Services, DBS Bank India.
“Our analytics-based platform reduces friction and improves the turn-around time for disbursing credit. It allows for a seamless transaction flow wherein customers can raise requests from ODeX through API enabling real-time flow of information between the platforms.”