Indian private sector lender ICICI Bank has forged a partnership with Marg ERP, an enterprise resource planning (ERP) firm, to offer an integrated payments platform to micro, small and medium enterprise (MSME) customers in the country.
The payment service, which will be offered using Marg’s accounting software, will enable the lender to bring accounting and banking solutions for MSMEs on a single platform.
As a result of the integration, the bank’s current account holders will be able to securely link their bank account with the Marg ERP software and complete various types of digital transactions from within the ERP platform having to shift between a banking and an ERP software platform.
The combined platform will also allow businesses to commence vendor and salary payments through RTGS, NEFT or IMPS directly from this platform.
Additionally, they will be able to automate reconciliation of banking and accounting entries, apply for working capital loans in addition to plan future dated payments.
ICICI Bank executive director Anup Bagchi said: “The collaboration aims to promote the concept of ‘Connected Banking’ wherein we aim to get various banking functions such as initiating transactions, payments and reconciliation on a common platform.”
Using the new combined solution, the business customers can control their fund flow, automate bank reconciliation, provide multiple payment options and pay directly from Marg ERP.
Furthermore, they can avail ICICI Bank internet based cheque writing facility from MARG ERP, which is a secured and fraud-proof cheque system and will help in elimination of cheque fraud and keeping accurate books of accounts.