ICICI Bank has launched an integrated payments platform for Micro, Small and Medium Enterprise (MSME) customers. This integration enables ICICI Bank’s current account holders to securely connect their bank account with the ‘Open’ platform and undertake an array of digital transactions like invoicing, online payments, vendor payouts as well as accounting through a single platform. The integration also enables businesses to automatically reconcile banking and accounting entries to generate profit & loss statements, balance sheets and expense reports, thereby offering MSMEs with better insights into their financial transactions.
This partnership between ICICI Bank and Open Financial Technologies will enable MSME customers to experience ‘connected banking’ which helps businesses to eliminate the need for manual data entry, automate banking functions like invoicing, payments and reconciliation on a single platform as well as facilitate payments to vendors/suppliers directly through the accounting platform.
Talking about the partnership, Mr. Pankaj Gadgil, General Manager and Head of Business Banking, ICICI Bank said, “ICICI Bank has always pioneered in bringing digital innovations to provide world-class banking experience to its customers. In keeping with this legacy, we are delighted to partner with Open Financial Technologies to bring forth an integrated solution which aims to offer MSME customers with unparalleled convenience. This is a testament to our constant effort at promoting the concept of ‘connected banking’ wherein we aim to bring together various banking functions like raising invoices, making payments and reconciliation on a common platform. We believe, this proposition will help businesses to draw deeper insights about their financial transactions, thereby helping them take business decisions in a seamless manner.”
According to Anish Achuthan, Co-founder & CEO, Open Financial Technologies Pvt. Limited, “Banking and accounting is closely connected with each other; however, the current banking and accounting systems are separate resulting in business owners having to spend a lot of time and effort in getting their finances right. We are excited to partner with ICICI Bank, which is one of the leaders in business banking, to tap on their expertise and wide network to helps thousands of small businesses automate their finances”.
As a part of the alliance, Open will create awareness about the integrated platform to prospective SMEs digitally. The service will also be available to existing current account customers of ICICI Bank who can access the platform through their Corporate Internet Banking portal. Businesses can access the platform by registering on the Open website, while existing ICICI Bank users can easily connect their bank account to the Open platform through their internet banking portal.
Benefits of the Open–ICICI Bank integration:
• Businesses can undertake banking transactions such as invoicing, payments and re-conciliation
through a single platform
• Facilitates auto-reconciliation of bank transfers, cash and cheque payments
• Allows bulk pay-outs within a few minutes
• Enables online payments through an integrated payment gateway
• It helps in automatically categorizing payments into income and expense categories
• Offers access to an integrated expense management tool that offers insights into financial