Corporate FinTech Zoho, which provides software for business processes like accounting, said it has taken a step it considers an industry-first by partnering with India’s ICICI Bank.
Reports in The Hindu Business Line said Zoho and ICICI are teaming up in a move that allows Zoho to integrate ICICI services into its cloud accounting solution, Zoho Books. The companies said their collaboration will reduce their joint corporate customers’ need for manual data entry and will automate processes by linking data from corporate bank accounts with ICICI into the Zoho Books platform.
Integrating ICICI adds a digital banking experience for corporate users of the accounting tool, reports noted, and adds capabilities like automatic reconciliation, the ability to receive payments via various rails and the option to request financing from ICICI directly within the Zoho portal.
“This integration enables [micro, small and medium-sized enterprises (MSMEs)] to bring in the efficiency of automation by connecting seamless banking transactions and bookkeeping on a single platform,” said ICICI Bank Executive Director Anup Bagchi. “Additionally, it also enables them to keep track of all their business expenses on a single platform without having to switch multiple applications. This partnership resonates our effort at bringing in path-breaking solutions, thereby creating an ecosystem through connected banking. We will continue the model of co-creating to deliver innovative products and services to our customers.”
“Corporate [enterprise resource planning (ERP)]-to-bank connectivity was a luxury that only big companies used to enjoy,” added ZohoCorp CEO, Sridhar Vembu. “Zoho and ICICI Bank have come together to democratize this technology for all businesses, right from a one-person company to larger corporates.”
The CEO continued, “This partnership allows businesses to execute bank transactions right where the context is fully present — your accounting system. For example, your accounts payable staff can pay your suppliers right from Zoho Books, where they get to see whom you owe and how much, without switching to your online banking interface. This increases the productivity and also significantly reduces manual errors.”