Mumbai, Feb 12 (IBNS): In an integration of accounting and banking, Zoho, an Indian software products company, is partnering with ICICI Bank, a private sector bank by consolidated assets, to deliver a "streamlined digital banking experience to customers" using Zoho's cloud accounting software, 'Zoho Books'.
ICICI Bank current account holders can now securely connect their bank account to Zoho Books which will help businesses eliminate data entry, automate reconciliation, provide multiple payment options to their customers, request working capital loans, and pay suppliers directly from their accounting platform.
This partnership will allow Micro, Small and Medium Enterprises (MSMEs) in India to experience contextual banking, by connecting their banking and accounting, which was once available only for large companies and corporations with large IT and infrastructure budgets.
Speaking about the partnership, Anup Bagchi, Executive Director, ICICI Bank said, “ICICI Bank has always pioneered in bringing in digital innovations and provide world-class banking experience to its customers. Keeping this in view, we are delighted to partner with Zoho to bring forth an integrated solution that will offer MSMEs with unparalleled ease of doing business. This integration enables MSMEs to bring in the efficiency of automation by connecting seamless banking transactions and bookkeeping on a single platform. Additionally, it also enables them to keep a track on all their business expenses on a single platform without having to switch multiple applications. This partnership resonates our effort at bringing in path breaking solutions, thereby creating an ecosystem through connected banking. We will continue the model of co-creating to deliver innovative products and services to our customers.”
Sridhar Vembu, CEO, Zoho said “Corporate ERP to bank connectivity was a luxury that only big companies used to enjoy. Zoho and ICICI Bank have come together to democratize this technology for all businesses right from a one-person company to larger corporates. This partnership allows businesses to execute bank transactions right where the context is fully present - your accounting system. For example, your accounts payable staff can pay your suppliers right from Zoho Books, where they get to see whom you owe and how much, without switching to your online banking interface. This increases the productivity and also significantly reduces manual errors.”
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