Tag: Delhi

ICICI Bank launched ‘ICICI STACK for Corporates’, a comprehensive set of digital banking solutions for corporates and their entire ecosystem including promoters, group companies, employees, dealers, vendors and all other stakeholders. It provides customised digital banking services to companies in over 15 leading industries– such as financial services, IT/ITES, pharmaceuticals, steel to name a few – and their entire ecosystem. These services can further be tailor-made for companies within an industry.

ICICI Bank has opened eight ecosystem branches- five in Mumbai and three in Delhi NCR. It plans to launch another four in this financial year.

“With an objective to cater to the ecosystem of every corporate, we have launched a digital ‘ICICI Stack for Corporates’ with many industry first features. It offers banking solutions to corporates with backward and forward integration for their entire network of employees, dealers, vendors and all other stakeholders. We look forward to partnering with our customers for the banking needs of their entire ecosystem and unlock the full potential.” said Vishakha Mulye, Executive Director at ICICI Bank in a statement.

This stack delivers services like digital account opening, payments and collections, trade and foreign exchange services in addition to instant reconciliations and working capital solutions. It also provides an e-BG (electronic bank guarantee) solution that acts as an electronic repository of authenticated BG, automated stamping (AeS) which eliminates the need for physical stamp paper from branches for bank guarantees, suite of API-based payments and collection solutions that directly integrate with a customer’s ERP system, and iValidate, an API based real-time reconciliation system of collecting funds from multiple parties.

The bank has its own web-based platform, which facilitates instant approval and disbursement of loans for channel partners. The bank also provides a cloud-based platform, which provides a fully embedded solution customised for the dealer and vendor management system of the corporates.

The list of 350 solutions includes the instant opening of salary accounts using Aadhaar, access to a suite of cards, private and wealth banking, instant sanction of loans/credit limits, pay later digital credit for pre-approved customers of the corporate, access to emergency funds through salary overdrafts and loan against shares and mutual funds and protection solutions like insurance. These services are available on the Bank’s mobile application, iMobilePay.

The bank also provides expertise in private banking for services like wealth management, setting up of trusts and family offices among other curated services for promoters and directors.