BRISKPE Gets In-Principle Nod To Operate As Cross Border PA

BRISKPE Gets RBI’s In-Principle Nod To Operate As Cross Border Payment Aggregator

SUMMARY

BRISKPE will now operate as a dedicated payment aggregator-cross border (PA-CB) for import and export in the country

Back in 2023, the central bank issued guidelines to bring cross border payment platforms under the purview of the payments and settlement act and directly regulate these entities

The fintech platform helps MSME exporters and importers to accept and make cross border transactions

BRISKPE has received an in-principle authorisation from the Reserve Bank of India to operate as a cross border payment aggregator.

The Mumbai-based fintech said in a statement that the move will now enable it to operate as a dedicated payment aggregator-cross border (PA-CB) for import and export in the country under the Payment and Settlement Systems Act, 2007.

Further, the startup will now operate export and import collection accounts with category-I banks of the country to enable businesses to make secure payments.

Category-I banks are RBI licensed institutions who can deal in buying and selling of foreign exchange.

“Receiving the RBI’s in-principle PA-CB authorisation, especially encompassing both exports and imports, is a transformative moment for BRISKPE and Indian businesses engaged in global trade,” said Sanjay Tripathy, CEO of BRISKPE.

Founded in 2022 by Tripathy, Indunath Chaudhary and Nilesh Pathak, BRISKPE is a fintech platform that helps MSME exporters and importers to accept and make cross border transactions.

The platform thrives on its ability to make secure and instant transactions. The PayU-backed startup claims to process 10,000 transactions in a month for export purposes which it now expects to go up to one lakh.

Last year, the startup had raised $5 Mn in a seed funding round from PayU for the expansion of its services and offerings.

Back in 2023, the central bank issued guidelines to bring cross border payment platforms under the purview of the payments and settlement act and directly regulate these entities. Following this, Bengaluru-based Cashfree became the first entity to secure the PA-CB license from the RBI in July last year.

In the same month, BillDesk, Amazon Pay India, and global payments major Adyen also sought approvals from the central bank to operate as a cross border payment platform for import and export.

Skydo was the latest to join the ranks of growing entities to receive a PA-CB license from the RBI last month.