For business
Suppliers paid. Paperwork ready.
Overseas suppliers often hold goods until they are paid, and a bank wire can take days. NivixPe is being built to pay your supplier in their own currency, usually within minutes, with the paperwork prepared alongside.
Supplier payment
- Supplier
- Mitchell Components Inc.US
- Supplier receives
- 14,200.00USD
- You pay
- 12,49,600INR
- Purpose code
- S0102 · Imports, settlement of invoice
- Commercial invoice attached
- Declaration prepared
Waiting on a wire
What slows an import payment, and what NivixPe is being built to change.
- The wire takes days
- A bank wire can take days to reach your supplier. How much you can see along the way depends on the bank.
- The goods wait
- Suppliers often hold goods until they are paid, so a late payment can hold up the whole order.
- The paperwork is yours
- Every payment abroad needs a purpose code and supporting documents, and someone has to complete them correctly.
What NivixPe will prepare
Designed so the payment and its paperwork travel together.
- Purpose code
- Each import payment is reported to the RBI under a purpose code. NivixPe is designed to prepare the code with your payment.
- Declarations
- Designed to prepare the declarations that go with the payment, instead of leaving you to complete them by hand.
- Supplier invoice
- Built to capture your supplier's invoice with the payment, so the payment and its paperwork stay together.
Purpose codes you are likely to meet
| Code | What it covers | When it fits (NivixPe's guide) |
|---|---|---|
| S0101 | Advance payment against imports | You are paying ahead of the goods being supplied. |
| S0102 | Payment towards imports: settlement of invoice | You are paying a supplier's invoice. |
Purpose codes are set and revised by the RBI; your bank confirms the code that applies. The right one depends on what you are paying for, and other kinds of payment use other codes. Read the RBI Master Direction on the import of goods and services for the rules that apply to import payments.
Who it suits
Which countries and currencies we start with will be announced before launch.
- Importers
- Businesses in India that buy from suppliers abroad and pay them in the supplier's currency.
- Businesses whose suppliers wait
- Buyers whose suppliers will not release goods until they are paid.
- Teams doing their own paperwork
- If you complete purpose codes and declarations yourself today, this is the part we are building to take off your desk.
What you will need
Have these ready, so the paperwork can be prepared with the payment.
At launch, you will be asked for:
- Documents that verify your business
- Your supplier's invoice
- Your supplier's bank details
See how a payment moves, or read about personal transfers.
Paying suppliers abroad?
NivixPe is in development and not yet accepting payments. Tell us about your business on the waitlist and we will email you before launch.