ICICI Bank Partners With Zoho For Cloud Accounting
In an industry-first integration of accounting and banking, software products company Zoho, is partnering with private sector bank ICICI Bank, by consolidated assets, to deliver a streamlined digital banking experience to customers using Zoho’s cloud accounting software, ‘Zoho Books’.
ICICI Bank current account holders can now securely connect their bank account to Zoho Books which will help businesses eliminate data entry, automate reconciliation, provide multiple payment options to their customers, request working capital loans, and pay suppliers directly from their accounting platform.
This partnership will allow Micro, Small and Medium Enterprises (MSMEs) in India to experience contextual banking, by connecting their banking and accounting, which was once available only for large companies and corporations with huge IT and infrastructure budgets.
“ICICI Bank has always pioneered in bringing in digital innovations and provide world-class banking experience to its customers. Keeping this in view, we are delighted to partner with Zoho to bring forth an integrated solution that will offer MSMEs with unparalleled ease of doing business. This integration enables MSMEs to bring in the efficiency of automation by connecting seamless banking transactions and bookkeeping on a single platform. Additionally, it also enables them to keep a track on 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,” said Anup Bagchi, Executive Director, ICICI Bank
“Corporate ERP to bank connectivity was a luxury that only big companies used to enjoy. Zoho and ICICI Bank have come together to democratize this technology for all businesses right from a one-person company to larger corporates. 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,” said Sridhar Vembu, CEO, Zoho Corp.
Benefits of the ICICI Bank-Zoho partnership:
- Zero data entry, real-time visibility, faster decisions: With this integration, business owners can keep track of transactions flowing in and out of their bank accounts in Zoho Books. Businesses can eliminate data entry and manual errors as transactions are directly fetched from the bank. Real-time updates and cash flow visibility help business owners make important decisions instantly.
- Automate reconciliation: With the ICICI Bank-Zoho integration, all bank transactions are fetched automatically into Zoho Books. Zoho Books’ powerful reconciliation engine automatically reconciles these transactions with the ones already recorded in Zoho Books. It also helps create missing transactions easily. Payments made and received are mapped into their appropriate accounts in Zoho Books, saving time which businesses used to spend on manually entering and reconciling bank transactions.
- Provide multiple payment options to customers: Right from credit cards, debit cards, Net banking, NEFT, RTGS, to the latest UPI, businesses that have current accounts with ICICI Bank can now offer multiple payment options to their customers through Zoho Books. In addition to online options, now they can also offer offline payment options to their customers, including cheque and challan. These offline payments can also be seamlessly recorded and reconciled in Zoho Books.
- Pay vendors directly from Zoho Books: Users do not have to juggle between their accounting and banking applications to make vendor payments anymore. ICICI Bank current account holders can simply log in to Zoho Books, select the appropriate bills, and make payment through their connected ICICI Bank account in just a few clicks. Businesses with an approval workflow can continue to approve their payments in the ICICI Bank’s Corporate Internet Banking (CIB) portal and see each payment’s status updated automatically in Zoho Books.
- Request for working capital loans: ICICI Bank current account holders can now request for working capital loans from within Zoho Books at the click of a button. The account holder can make the request while looking at their cash flow statement or while making payments to vendors in Zoho Books, when they can see that there is a need for such a loan.
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