rivexa, a venture promoted by mjunction Services Limited—jointly owned by TATA Steel and the Steel Authority of India Limited—has rolled out a streamlined cross-border payment solution for exporters registered on its platform. Built on the regulatory framework shaped by the International Financial Services Centres Authority (IFSCA), the system aims to speed up settlements, strengthen transaction visibility, and simplify compliance for businesses engaged in international trade.
The launch took place at rivexa’s flagship event, rivOlution 2025: Demystifying the World of Export and Finance, held on 21 November 2025 at mjunction’s headquarters in Kolkata. The conference was organised in partnership with IFSCA, RXIL Global IFSC Limited, and Glomopay Private Limited, and saw participation from senior representatives of all three organisations along with members of rivexa’s exporter community.
IFSCA serves as the unified regulator for financial products, services, and institutions operating within International Financial Services Centres. RXIL Global offers a cross-border receivables financing platform enabling exporters to discount invoices and access global liquidity. Glomopay provides compliant, technology-driven payment solutions and financial infrastructure for international transactions.
Discussions centred on India’s evolving financial and regulatory architecture supporting exporters, with a strong focus on the opportunities available within Gujarat International Finance Tec-City (GIFT City)—the country’s dedicated hub for international financial activity. Speakers explored how platforms like the International Trade Financing Services (ITFS) system are widening access to global trade finance and how digital tools are strengthening the collection of overseas receivables.
Representatives from IFSCA detailed recent initiatives intended to broaden financing options for Indian businesses, including the role of IFSC Banking Units in enabling foreign currency accounts, easing the handling of export receipts, and reducing settlement-related bottlenecks. Attendees were also updated on how ITFS-aligned platforms are delivering quicker invoice financing, improved price discovery, and better cash-flow predictability for small and medium enterprises.
The event also included the formal announcement of rivexa’s collaboration with Glomopay Private Limited, which will support exporters with multi-currency collection accounts and compliant cross-border payment pathways. Through this integration, exporters on rivexa can now receive payments in multiple foreign currencies and remit funds to their authorised dealer (AD1) banks in India with greater ease. Users benefit from uniform foreign bank charges, faster settlements, and clearer transaction-level visibility.
Foreign Inward Remittance Advice (FIRA) documentation—required to certify the receipt of foreign exchange—is generated automatically, helping companies meet regulatory requirements without added manual effort. The partnership is expected to ease longstanding challenges faced by manufacturers when tracking payments, reconciling accounts, and maintaining compliance in global trade.
rivexa is a growing B2B cross-border commerce platform focused on helping small and medium Indian suppliers access global demand. With a network of more than 1,500 verified suppliers, 500 registered overseas buyers, and over 10,000 trade enquiries, it is building a reliable ecosystem for international sourcing. Since its launch in October 2023, it has been enabling Indian MSMEs across apparel, home textiles, and industrial product categories to connect with vetted global buyers through technology-enabled processes.
Founded in 2001 to bring transparency and efficiency to India’s industrial auction landscape, mjunction Services Limited has evolved into a major force in digital commerce. The company now facilitates transactions worth approximately INR 2–3 lakh crore each year, underscoring its growing scale and influence across the sectors it serves.
