Let’s imagine a situation where your current business account was your accounting software as well. And image just accounting is everything you have and not having any of the chase payments with the UTR numbers or so.
Now, the Open Financial Technologies Pvt. Ltd. Which is a Neobanking fintech startup has now collaborated with the ICICI Bank to launch an integrated payment platform for the customers of the Micro, Small and Medium Enterprise(MSME).
This collaboration will be going to enable the ICICI Bank current account holders to connect their bank account with the help of an ‘Open’ platform and undertake an array of all the digital transaction which are going on which includes the vendor payment, invoicing, as well as the account group.
This collaboration is also going to help the business to automatically reconcile the accounting and banking entries to generate the statements of the profit and loss, expense reports, and the complete balance sheets which thereby offering the MSME with some of the better insights into their financial transactions.
Talking about the partnership, Mr. Pankaj Gadgil, General Manager and Head of Business Banking, ICICI Bank said, “ICICI Bank has always pioneered in bringing digital innovations to provide world-class banking experience to its customers. In keeping with this legacy, we are delighted to partner with Open Financial Technologies to bring forth an integrated solution which aims to offer MSME customers with unparalleled convenience. This is a testament to our constant effort at promoting the concept of ‘connected banking’ wherein we aim to bring together various banking functions like raising invoices, making payments and reconciliation on a common platform. We believe this proposition will help businesses to draw more profound insights about their financial transactions, thereby improving them make business decisions in a seamless manner.”