Inventory and Accounting software solution provider Marg ERP has partnered with ICICI Bank to offer an integrated payments platform to micro, small and medium enterprise (MSME) customers, using the former’s accounting software.
This integration aims to promote ‘Connected Banking’ and enables ICICI Bank’s current account holders to securely connect their bank account with the Marg ERP software and undertake an array of digital transactions from within the ERP platform itself. It will enable businesses to initiate vendor & salary payments via RTGS, NEFT or IMPS directly from this platform, automate reconciliation of banking and accounting entries, apply for working capital loans as well as schedule future dated payments, thereby offering exemplary command over day-to-day financial transactions for businesses.
The initiative significantly enhances convenience for MSMEs as they are no longer required to toggle between a banking platform and an ERP software to undertake their business transactions. It also allows them to experience contextual banking, by connecting their banking and accounting, which was once available only for large companies and corporations with large IT and infrastructure budgets.
Anup Bagchi, Executive Director, ICICI Bank, said, “ICICI Bank has always pioneered in bringing in digital innovations and provide world-class banking experience to its customers. We are delighted to partner with Marg ERP to bring forth an integrated payments solution that will offer MSMEs with unparalleled ease of doing business. The collaboration aims to promote the concept of ‘Connected Banking’ wherein we aim to get various banking functions such as initiating transactions, payments and reconciliation on a common platform. Additionally, it will enable businesses to initiate vendor & salary payments digitally, apply for working capital loans as well as schedule future dated payments without having to shift between a banking and an ERP software platform. We will continue the model of co-creating to deliver innovative products and services to our customers.”
“This is a maiden tie-up between Marg ERP and ICICI Bank, where we will provide integrated software solutions to small and medium enterprises and will address many of the complexities related to their payables and accounting. This tie up will enable them to initiate RTGS, NEFT, and IMPS transactions directly from Marg ERP’s platform. The customers just need to register their ICICI Bank’s current account on Marg ERP software through a simple two-click one-time process. SMEs and MSMEs in the country can now leverage the power of Integrated Banking, save time and increase productivity. We are happy and proud to be associating with ICICI Bank,” said Thakur Anup Singh, CMD, Marg ERP.
With ICICI Bank current account and Marg ERP software, small and medium businesses can now experience secured, connected banking which was only available to large corporates having expensive IT infrastructure.