India’s ICICI Bank has partnered with software products company Zoho to utilise the latter’s cloud accounting software ‘Zoho Books‘to offer a streamlined digital banking experience to its customers.
With this partnership, ICICI bank current account holders can connect their bank accounts to Zoho Books that provide multiple payment options as well as can be used to request working capital loans and pay vendors directly.
The usage of Zoho Books is expected to enable the micro, small and medium enterprises (MSMEs) in India to experience contextual banking which was earlier confined to only larger enterprises.
Commenting on the partnership, ICICI Bank executive director Anup Bagchi 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.”
The usage of the new platform is expected to eliminate data entry and allow the account holders to keep track of transactions flowing in and out of their bank accounts in Zoho Books.
The solution also automates reconciliation where all bank transactions are fetched automatically into Zoho Books and then it uses reconciliation engine to automatically reconcile these transactions with the ones already recorded.