Software products company Zoho has tied with ICICI Bank to enable ICICI Bank current account holders to connect their bank account to Zoho Books.
Reduction in data entry, automate reconciliation, provide multiple payment options to their customers, request working capital loans, and pay suppliers directly from their accounting platform are the main benefits.
This partnership will allow MSMEs to experience contextual banking, by connecting their banking and accounting, which was once available for large companies and corporations with large IT and infrastructure budgets.
Benefits of the ICICI Bank-Zoho partnership
# Zero data entry, real-time visibility, faster decisions
# Automate reconciliation
# Multiple payment options to customers
# Pay vendors directly from Zoho Books
# Request for working capital loans
“This integration enables MSMEs to bring in the efficiency of automation by connecting seamless banking transactions and bookkeeping on a single platform. It enables them to keep a track on all their business expenses on a single platform without having to switch multiple applications,” Anup Bagchi, executive director of ICICI Bank, said.
Sridhar Vembu, CEO, Zoho, said this alliance 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 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,” Sridhar Venu said.
There’s no additional fee for Zoho Books-ICICI Bank integration. ICICI Bank current account holders, who have a Zoho Books subscription priced at Rs 2,499, can experience connected banking as large enterprises.