Imagine a library where every book must be filed under a secret code before it’s allowed on the shelf. You hand over your freshly written title — “Software Consultancy: A Global Guide” — and wait. A week later, you find it sitting under “Miscellaneous Services.”
That’s how most exporters meet compliance. You finish a project, send an invoice, receive a payment — and somewhere in a cubicle, your bank’s compliance team decides which RBI purpose code your money belongs to. One misplaced label, and your Foreign Inward Remittance Certificate (FIRC) now reads like it belongs to a different profession.
The RBI purpose code for inward remittance was designed to bring order — to tell the system why money came in. But banks turned that clarity into a clerical process, one that depends on how your RM interprets a line in your invoice. Fintechs, though, didn’t hire more librarians. They built a search engine — one that reads, tags, and classifies automatically, the moment your money lands.
That shift — from human filing to intelligent mapping — is quietly redefining export compliance in India
Where Exporters Actually Lose Tim
For most Indian exporters, the compliance story sounds painfully familiar. The client pays, the funds arrive, and then… the chase begins.
You email the RM: “Please issue FIRC.” They ask for your invoice and SWIFT copy. You send both. Two days later, a new email arrives: “Please mention the nature of services clearly for RBI purpose code.” You highlight “software consultancy.” Another day passes. Finally, a PDF lands — FIRC for Miscellaneous Services (P1007).
It’s not wrong, but it’s not right either. That single mismatch between what you exported and what got coded can delay your BRC filing, confuse your GST refund, or trigger rechecks during audit.
This isn’t about inefficiency; it’s about architecture. Banks handle export compliance like paperwork. Fintechs handle it like logic.
How Banks Handle Compliance (and Why It Feels Outdated)
Traditional banks follow a process that predates SaaS exports and freelance consulting. Their systems were built for factories and large corporates — not for individuals billing clients overseas.
| Stage | Fintech Workflow (HiWiPay Example) | Exporter Experience |
|---|---|---|
| Payment Identification | Auto-match of incoming funds to invoices | No manual uploads required |
| Purpose Code Mapping | System intelligently suggests correct RBI purpose code | Accurate classification, zero guesswork |
| FIRC Generation | e-FIRC automatically created within 24 hours | Instant dashboard access |
| Record Management | All FIRCs, invoices, and purpose codes linked in one place | Unified, auditable record trail |
| Compliance Verification | Rules embedded with fintech regulatory & RBI compliance checks | Fully traceable and compliant with export norms |
Banks operate under strict RBI controls, but their workflows are still human-dependent. Every inward remittance touches multiple desks and approval layers. The result is compliance that’s technically sound but painfully slow
How Fintechs Rebuilt the Compliance Engine
Fintechs approached compliance as design, not documentation. Instead of adding more staff to interpret codes, they built systems that interpret automatically.
| Stage | Fintech Workflow (HiWiPay Example) | Exporter Experience |
|---|---|---|
| Payment Identification | Auto-matching of incoming funds to respective invoices | No manual uploads; seamless tracking |
| Purpose Code Mapping | Intelligent system suggests accurate RBI purpose codes | Zero guesswork and error-free compliance |
| FIRC Generation | e-FIRC automatically generated within 24 hours | Instant access from dashboard |
| Record Management | All FIRCs, invoices, and purpose codes linked in one repository | Unified, auditable financial trail |
| Compliance Verification | Workflow built around RBI and fintech regulatory standards | Fully traceable and compliant with export norms |
HiWiPay, for instance, operates through authorized dealer (AD) banking rails. Each e-FIRC it issues complies with FIRC RBI guidelines, but without the waiting, the ambiguity, or the follow-up loops that slow exporters down.
RBI Purpose Code — The Decoder Ring of Exports
Every foreign payment into India must carry an RBI purpose code — the regulator’s shorthand for why money entered the country. It’s how the RBI tracks India’s export activity under FEMA.
| RBI Purpose Code | Description | Common Export Use |
|---|---|---|
| P0101 | Software Services | IT exports, SaaS platforms, app development |
| P0802 | Business & Management Consultancy | Strategic advisory, business consulting |
| P1007 | Other Professional Services | Design, content creation, influencer work |
| P0805 | Legal Services | Legal process outsourcing (LPO) |
| P1009 | Advertising & Market Research | Marketing agencies, market analytics |
A wrong code won’t get you fined, but it creates **reporting mismatches** that can stall BRC or GST workflows. Fintechs like HiWiPay eliminate this by embedding RBI logic into the transaction itself — so the right purpose code is selected the instant the invoice is uploaded.
FIRC Simplified: From Manual Proof to Digital Default
Your Foreign Inward Remittance Certificate (FIRC) is proof that foreign currency reached India legitimately. Banks still treat it like an application; fintechs treat it as an outcome.
Traditional path:
1. Wait for payment to reflect.
2. Send documents to RM.
3. RM requests FIRC manually.
4. Wait 5–7 days.
5. Pay a correction fee if anything’s wrong.
Fintech path:
1. Payment lands in your global virtual account.
2. Purpose code auto-applied.
3. e-FIRC generated digitally within 24 hours.
4. Stored and searchable for audits.
HiWiPay’s compliance engine turns FIRC issuance into a background process — automatic, timely, and compliant.
Why Banks Still Lag Behind
Banks aren’t broken; they’re just built for another era. Their compliance mindset is defensive — avoid risk, verify later. Fintechs work differently: predict risk, verify continuously.
| Aspect | Bank RM | Fintech (HiWiPay) |
|---|---|---|
| Workflow | Manual interpretation | Automated rule engine |
| Turnaround | 3–10 business days | Within 24 hours |
| Transparency | Email-based status updates | Real-time dashboard visibility |
| Purpose Code | Human-assigned | Auto-mapped and validated |
| Compliance Framework | RBI circular–driven | Embedded fintech compliance layer |
| FIRC Handling | Separate manual request | Built-in auto issuance |
Both connect to the same AD banks, but fintechs deliver clarity, speed, and precision at scale.
Export Compliance: From Burden to Built-In
Over time, the system made exporters into accidental compliance officers — decoding circulars, memorizing codes, chasing PDFs. Fintech platforms changed that by making compliance invisible.
HiWiPay’s model includes:
Auto-Purpose Coding: Instantly classifies every remittance under the correct RBI purpose code for inward remittance.
Automated e-FIRC: Generated under **FIRC RBI guidelines**, stored digitally.
24-Hour Settlement: INR credit within a day through RBI-approved channels.
Unified Dashboard: FIRC, BRC, and invoice matching in one view.
Fintech Regulatory Compliance: Every rule baked into the platform, not left to interpretation.
Compliance, in this world, is not a chore — it’s part of the infrastructure.
Verdict: The New Definition of “Support”
Bank RMs still handle compliance like a queue — one request at a time, processed in sequence, reviewed for risk. Fintechs like HiWiPay approach it like a system — mapped, verified, and visible from the moment money lands.
That difference isn’t cosmetic; it’s structural. When your compliance process lives inside your payment flow, accuracy becomes automatic. You don’t “apply for” a FIRC or “check” your purpose code — they’re already there, aligned, and auditable.
So, what banks call support, fintechs now call design. And that’s the real shift: exporters no longer need to learn compliance. Their payment platform already speaks it.
HiWiPay — Compliance, Designed for Momentum
Banks process your money. Fintechs like HiWiPay respect it.
With HiWiPay, RBI-grade compliance isn’t an afterthought — it’s built into every transaction. Automated purpose coding, instant e-FIRC generation, and 24-hour INR settlements mean your money doesn’t just arrive faster; it arrives fully compliant.
Because in cross-border business, the real edge isn’t just speed — it’s momentum.
