Mumbai, June 08, 2018: YES BANK, India’s fourth largest private sector Bank, has been adjudged as the ‘Best Bank in India’ for Trade Finance and Payments at The Asian Banker Transaction Banking Awards 2018.
YES BANK’s YES TRANSACT product suite has established its leadership in Transaction Banking in India by winning the accolade at the prestigious global Transaction Banking Awards.
YES BANK was assessed on the basis of its ability to meet business requirements of the clients through tailor-made trade finance solutions, complimented by state-of-the-art digital infrastructure.
The bank won multiple awards for Trade and CMS at The Asian Banker Transaction Banking Awards-
“Best API Initiative, Application or Platform (Bank)” for introducing API service for Sub-Member Bank (SMB) which enables them to make payments and receive collections directly to their core-banking system
“Best Blockchain Initiative, Application or Programme” for creating a fully digitized vendor financing solution on multi-nodal Blockchain with Bajaj Electricals Ltd
“Best Productivity, Efficiency & Automation Initiative, Application or Programme” for YES BANK’s solution YES TRANSACT on the GO, a secured application to transmit transaction files (financial or non-financial) from customer location to the bank.
Additionally, the Bank has also won The Asian Banker Banker’s Choice award for collaborating with clients as-
“Best Financial Supply Chain Management in India” for being the first bank in India to implement Blockchain Technology in supply chain financing
“Best Corporate Trade Finance Deal in India” for successfully structuring a solution for Apeejay Shipping Ltd. to finance import of vessel to India. The solution was designed on the back of YES BANK’s knowledge banking and product expertise, creating a structured trade finance solution to fit the client’s requirement while working within the regulations and globally accepted practices
Continued recognition from global platforms such as The Asian Banker stand testimony to the Bank’s impressive and sustained progress in offering customized Trade Finance & Service solutions, complimented by prudent Risk Management and regulatory compliance, best in class supply chain practices, innovative and differentiated services & solutions to our customers.
On receiving the prestigious recognition, Asit Oberoi, Group President and Global Head, Transaction Banking Group, said, “The depth and breadth of our Trade Finance solutions coupled with adoption of international best practices, innovative implementation of emerging technologies to enhance customer experience, robust digital architecture, highest standards of customer service, quality and operational excellence helps in servicing the changing needs of our clients across the country. This recognition once again reaffirms YES BANK’s mission of leveraging new technologies and innovation to provide superior customer experience. I am also particularly pleased that the awards recognize not only the client facing front end innovations but also our efforts to automate our back office to enhance efficiencies”
YES BANK’s journey towards digitization was incubated with achieving several key milestones such as YES TRASANCT SMART TRADE, a comprehensive and convenient paperless, digital banking suite for customers’ trade finance needs, several industry first products and services like Paperless Exports and Imports through EDPMS & IDPMS, innovation for Supply Chain Vendor Financing on Blockchain and implementation of API Banking for various use cases for corporate financing and payment.
The Asian Banker Transaction Awards is the most rigorous, prestigious and transparent annual awards programme recognizing leadership in cash management, trade finance, supply chain finance and payments amongst domestic and international financial institutions in Asia Pacific, the Middle East and Africa.
The Bankers’ Choice Awards programme was instituted in 2012 to recognise bank and client partnerships that demonstrate the ability and best practices in the use of the financial supply chain to add value to their customers in the upstream and downstream activities of their businesses. We monitor and evaluate the relationship between banks and their corporate clients and how the banking industry is adding value to the changing needs of corporates. We hope that through the development of this award programme, banks will learn from their corporate clients and the quality of banking solutions will increase.
About YES BANK
YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 9 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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