Exporters get seamless cross-border payment platform
A TATA Steel and Steel Authority of India Limited joint venture, rivexa by mjunction Services Limited, has introduced a seamless cross-border trade payment solution to streamline global financial frameworks for Indian exporters registered on the platform, leveraging the regulatory ecosystem shaped by the International Financial Services Centres Authority (IFSCA).
The solution is designed to reduce settlement delays, enhance traceability, and simplify compliance as part of rivexa’s broader effort to support exporters engaged in cross-border trade.
The announcement was made during its flagship outreach event, ‘rivOlution 2025: Demystifying the World of Export and Finance’, which was held on 21st November 2025 at the mjunction Head Office in Kolkata.
The event was organised in collaboration with the International Financial Services Centres Authority (IFSCA), RXIL Global IFSC Limited (RXIL Global), and Glomopay Private Limited, and attended by the senior officials of all three partners along with rivexa’s exporter community.
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres. RXIL Global is a cross-border receivables financing platform that allows exporters to discount invoices and access international liquidity. Glomopay is a fintech platform that facilitates payments, specialising in compliant cross-border payment solutions and financial infrastructure for business.
rivOlution 2025
The conference focused on how India’s regulatory and financial ecosystem is evolving to support exporters, particularly through mechanisms available in the Gujarat International Finance Tec-City (GIFT City). GIFT City is India’s international financial hub designed to bring offshore financial activity like banking, trade finance, and fintech onshore.
Speakers discussed how platforms such as the International Trade Financing Services (ITFS) platform are widening access to global trade finance, and how digital systems are enabling exporters to collect cross-border receivables in a compliant and timely manner. ITFS is a digital platform in GIFT City that enables exporters to access trade finance, invoice discounting, and factoring from global financiers.
IFSCA’s representatives outlined recent measures introduced to expand the global financing framework for Indian businesses, including the role of IFSC Banking Units in facilitating foreign currency accounts, enabling exporters to manage receipts, hedge exposures, and reduce the friction associated with traditional settlement processes.
Attendees were also briefed on how fully digital platforms operating under the ITFS framework have been supporting faster invoice financing, competitive price discovery, and more predictable cash flow cycles for small and medium exporters.
The event also marked the formal announcement of rivexa’s partnership with Glomopay Private Limited, a licensed payment solutions provider that facilitates multi-currency collection accounts and compliant cross-border payment solutions for exporters.
A Clearer Path for Modernising Export Payment Management
This integration allows exporters using rivexa to receive export proceeds in multiple foreign currencies, with the option to repatriate funds into their authorised dealer (AD1) bank accounts in India.
Exporters gained access to standardised foreign bank charges, reduced settlement delays, and enhanced visibility of every transaction, with Foreign Inward Remittance Advice (FIRA) documentation generated automatically to support regulatory compliance.
FIRA is an official document issued by banks that certifies receipt of foreign exchange for export transactions. The collaboration is expected to help manufacturers address long-standing challenges related to payment tracking, reconciliation, and compliance when dealing with international buyers.
About rivexa
rivexa, an innovative B2B cross-border platform, is expanding its role in helping small and medium suppliers access global markets. With over 1,500 verified suppliers, 500 registered global buyers, and more than 10,000 trade enquiries, it continues to build a trusted ecosystem for international sourcing. Launched in October 2023, it enables Indian MSMEs to reach international demand through verified, technology-driven channels, connecting suppliers in apparel, home textiles, and industrial goods with buyers worldwide.
About mjunction Services Limited mjunction services limited, operating in the age of cutting-edge Information Technology and the Internet, is a 50:50 joint venture promoted by Tata Steel and Steel Authority of India Limited (SAIL). Founded in February 2001, it is today not only India’s largest e- Commerce company (having eTransacted worth over US$125.28 billion till FY20), but also runs the world’s largest eMarketplace for steel. mjunction has radically transformed the steel and coal supply chain in India by ushering in efficiency, transparency, and convenience to the way steel and coal are bought and sold. Business volume of the company in terms of transaction value has soared from US$0.01 billion in FY02 to US$14.7 billion in FY20. Fiinews.com
