ICICI Bank on-boards 70 corporates on its digital platform
Hyderabad: ICICI Bank on-boarded 70 companies on ‘CorpConnect’, the digital platform that it launched last year to enable corporates to undertake instant payments and collections to/from their channel partners.
The platform also offers instant and collateral-free digital channel financing solutions such as dealer finance for distributors and vendor finance/ reverse factoring for suppliers.
The 70 companies include companies such as ArcelorMittal Nippon Steel India, Asian Paints, Blue Star, Crompton Greaves Consumer Electricals, Exide Industries, Hero Cycles and Hindustan Unilever.
These companies represent FMCG, consumer durables, auto ancillaries, steel, oil, cement, textiles, paints, tiles/ sanitary wares, pipes, chemicals, engineering goods and agriculture commodities.
Through ‘CorpConnet’, companies can directly integrate with the Bank’s systems and embed the banking solutions such as channel financing, vendor bill/ invoice discounting, payable finance and factoring within their ERP systems.
Anuj Bhargava, head, Global Clients Group, ICICI Bank said, “ICICI Bank believes in leveraging the latest technology to bring in new and improved digital banking solutions to its customers. In line with the philosophy, we launched ‘CorpConnect’ last year to help companies and their channel partners with the facility of seamless collection/payment, reconciliation and financing on a day-to-day basis.”
‘CorpConnect’ undertakes average monthly transactions worth a few thousand crores of rupees. ICICI believes that ‘CorpConnect’ has potential to simplify the document-intensive supply chain management by bringing all stakeholders on a single platform and providing them with instant, digital and seamless solutions.
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