YES BANK introduces SmartFin

According to YES BANK’s officials, the financial institution is committed to supporting micro, small, and medium-sized businesses (MSMEs) and expanding the capabilities of SCF as a model to drive working capital efficiencies. The bank invested in SmartFin to help augment its digital offerings in this space and, with the platform’s help, it aims to drive required operational and financial efficiencies for all the stakeholders. SmartFin can be integrated with India’s digital infrastructure, India Stack, as well as with other third-party data sources, merged with ERP combinations. This cooperation intends to enhance credit underwriting by making it more convenient, reliable, and efficient. The platform’s rule-based algorithms and omnichannel capabilities simplify access to credit for MSMEs, thus underlining YES BANK’s commitment to improving customer experience.

Representatives from Veefin Solutions expressed their enthusiasm over the partnership with YES BANK as the latter solidifies its position in SCF. Previously, the company collaborated with various banks globally, and, by integrating its solution with YES BANK, it underscores its dedication to adopting digital capabilities and being fintech-friendly. Veefin intends to continue to invest in its SCF product features to provide its clients with the latest SCF technology.

In addition to the launch of SmartFin, YES BANK recently announced several improvements and collaborations to advance its development strategy. At the beginning of September 2023, the bank went live with Unified Payments Interface (UPI) interoperability on the Reserve Bank of India (RBI) Central Bank Digital Currency (CBDC) app. The move allowed users to scan any UPI QR code through the YES BANK Digital Rupee app and perform transactions in a simplified manner. The development focused on expanding the reach of the digital rupee while underlining the bank’s commitment to increasing digital innovations and providing various transactional options for users across the country.

A month prior, YES BANK introduced  iris, its mobile banking application, intending to improve the country’s digital banking landscape. The application was designed to suit both existing and new customers, anticipating convenience and efficiency by offering users over 100 features and services on a single platform. Through this launch, the bank aimed to provide a simplified banking experience and ensure the safety of customers’ financial data by implementing security features, including biometric authentication, Sim-Binding, and two-factor verification.

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