India-based Axis Bank wants to enhance its connectivity to corporate customers, even when they aren’t near a computer. Reports on Friday (Oct. 9) said the bank has released several new solutions for corporate banking customers, and they’re all designed for the mobile device.
A new mobile app means Axis Bank will allow corporate treasury officials to transfer money into mutual fund schemes “instantly,” according to reports in The Times of India. Authorized users can approve transactions via mobile device.
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“We have been very strong in the transaction banking space, and we are trying to make sure that we stay ahead of the pack and gain market share,” the bank’s executive director of corporate banking, V Srinivasan, said in a recent interview with the publication.
The bank exec added that while mobile banking solutions for businesses aren’t new, Axis’ new mobile tool is the first to integrate directly into a corporation’s ERP software system.
Srinivasan added that a recent increase in the number of payment platforms in India means businesses will need to focus more intently on their finances.
Reports added that Axis has also included a foreign exchange solution that lets corporate users oversee and track exchange rates in real time to help them with their decisions of payment timing.
Axis Bank’s efforts in mobile business banking come as new data reveals the importance of the mobile device for B2B corporations. Data published earlier this month by Usablenet said nearly a quarter of B2B buyers have made a purchase from a supplier through a mobile device. This year alone, 97 percent of B2B firms said they plan to up their spending on mobile marketing.
Earlier this year, Axis Bank struck a partnership with MasterCard and online lender Vayana Network to launch a new eInvoicing and B2B payments solution in an effort to digitize the procure-to-pay process.
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