The tech-driven platform empowers exporters by offering a nominal 1% charge on international transactions, effectively eliminating traditional transaction fees and high forex charges
MUMBAI, India, Oct. 31, 2023 /PRNewswire/ — BriskPe, the Mumbai-based cross-border payments platform, is proud to announce a groundbreaking solution that promises to reshape the landscape of cross-border payments, particularly for Micro, Small and Medium-sized enterprise (MSME) exporters. In a realm where the hurdles of high transaction costs, exchange rate fluctuations, and payment delays have long thwarted businesses’ international aspirations, BriskPe is poised to transform this landscape.
India’s Export Engine: The Role of MSMEs
Micro, small and medium-sized enterprises constitute the backbone of India’s economic landscape, driving growth, innovation, and employment. In the fiscal year 2022-23, MSME products constituted 43.6% of India’s exports (data from the Directorate General of Commercial Intelligence and Statistics). When these businesses venture into the world of cross-border trade, they often face an array of formidable challenges. Transaction fees imposed by traditional financial institutions can erode profit margins, while the volatility of exchange rates introduces an unsettling level of uncertainty. Moreover, payment delays, exacerbated by a lack of transparency, further complicate cross-border transactions, hindering the growth and global aspirations of countless businesses. BriskPe is poised to change that. By eliminating the burden of excessive transaction fees and the unpredictability of exchange rates, BriskPe’s platform paves the way for MSME exporters to engage in international trade with newfound ease and efficiency.
The driving force behind BriskPe’s groundbreaking solutions is a triumvirate of accomplished industry veterans with over 75 years of combined experience — Sanjay Tripathy, Nilesh Pathak, and Indunath Chaudhury. Their expertise and insights have meticulously shaped a product that heralds an era of streamlined, highly efficient, and mobile-first convenient cross-border transactions. “Our mission is clear—to revolutionise cross-border payments and bring the world closer for Indian businesses. With the launch of BriskPe, we’re empowering entrepreneurs, MSMEs, and the entire business landscape to flourish on the global stage like never before,” says Sanjay Tripathy, Co-Founder & CEO of BriskPe.
The process is straightforward: MSMEs can sign up and link their Indian bank accounts, then raise invoices. The platform takes it from there, automatically tracking and communicating payment status. Payments are promptly credited to Indian bank accounts, accompanied by payment advice and compliance details. The remarkable turnaround time for payments to be credited to the receiving bank is just one day. The company has collaborated with YES BANK to ensure that the transaction process is streamlined and efficient. With a nominal charge of 1% (inclusive of GST), the platform eliminates international fees such as SWIFT, FIRC and high forex charges that have historically burdened cross-border transactions. BriskPe operates within the regulatory framework of RBI’s OPGSP and holds a Money Service Business (MSB) license in Canada for its Canadian subsidiary.
Fueling India’s Export Aspirations
With MSMEs projected to contribute at least 60% to India’s total export goal of $2 trillion in goods and services by 2030, BriskPe’s innovative approach offers exporters an opportunity to thrive in the global market. By removing the financial and administrative complexities associated with cross-border transactions, BriskPe is transforming the way businesses approach international trade, making it more accessible and lucrative for all. “At BriskPe, our vision is to simplify international trade to the level of local commerce. We believe that every local business in India has the potential to flourish on the global stage. With our innovative solutions, we’re leveling the playing field and empowering local businesses to compete globally without the traditional barriers and complexities,” Tripathy signs off.
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BriskPe is a pioneering cross-border payments platform, primarily designed to meet the unique requirements of Micro, Small, and Medium Enterprises (MSMEs). Established in 2023, its cutting-edge technology simplifies global payments, making them cost-efficient, faster, and hassle-free, while ensuring seamless access, robust tracking, and stringent compliance. BriskPe is committed to providing MSMEs with a comprehensive solution that empowers these businesses to reduce costs, streamline global operations, and boost their global competitiveness. As BriskPe expands its reach to the UK and Europe, following its successful launch in India and Canada, the company’s unwavering commitment to efficiency, transparency, and security continues to drive its mission forward. Join BriskPe on this exciting journey to make international business aspirations a reality for MSMEs. For more information, please visit the website or follow it on LinkedIn.
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