News

ICICI Bank introduces digital ecosystem for MSMEs

Monday 2 May 2022 15:30 CET | News

India-based ICICI Bank has introduced a digital ecosystem for all MSMEs in the country, including customers of other banks.

The ecosystem, which offers an array of solutions, brings forth a shift from the existing industry practice where banks offer services only to their customers. As noted in an update, anyone can avail of the benefits of ICICI Bank’s digital solutions by simply downloading the new version of the InstaBIZ app.

Based on these insights, the firm has launched a digital ecosystem with open architecture by bundling banking services with offerings to help MSMEs.

MSMEs, who are customers of other banks, can avail of a host of services from the bank’s digital ecosystem by logging in as a ‘Guest’ in the new version of InstaBIZ. One of the services offered is the sanction of instant and paperless overdraft facility up to USD 32,675. Named ‘InstaOD Plus’, the proposition enables customers of any bank to avail of an overdraft instantly through a few clicks either on the new version of InstaBIZ or CIB.

Customers of ICICI Bank can ‘activate the OD into their current account instantly while customers of other banks can do so after opening of a current account with the bank digitally through Video KYC.

Another facility being offered is instant opening of a current account digitally. The end-to-end paperless process leverages the bank’s APIs that auto fill the account opening form and validate PAN/ Aadhaar number instantly and allows opening of account through Video KYC.

ICICI Bank has tied up with various partners to eliminate the need of MSMEs to coordinate with multiple experts to fulfill their varied requirement.

These partners include India Filings (for business compliances and registrations), IndiaMART (listing of business), Airtel (connectivity and business communications), ClearTax (tax filing and advisory), Zoho Books (accounting solutions), Global Linker (business networking and digital store management), Sherlock.ai (digital marketing and data analytics).


Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: banks, digital banking, financial services, KYC, API
Categories: Banking & Fintech
Companies: ICICI Bank
Countries: India
This article is part of category

Banking & Fintech

ICICI Bank

|
Discover all the Company news on ICICI Bank and other articles related to ICICI Bank in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events