Marg ERP limited has partnered with ICICI Bank to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG’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.
This pioneering 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.
. 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.
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.
Benefits of the ICICI Bank-Marg ERP partnership:
- Control over fund flow without any additional efforts: With this integration, business owners can keep track of transactions flowing in and out of their bank accounts on Marg ERP. Businesses can eliminate data entry and manual errors of accounting, as transactions are directly fetched from the bank.
- Automates Bank reconciliation: All bank transactions can be fetched automatically into Marg ERP, after which Marg ERP will automatically reconcile the bank statement with entries in the accounting ledger saving its user a lot of time.
- Provide multiple payment options: The integrated payment solutions offer multiple payment options like NEFT, RTGS, and IMPS fund transfer with the instant status update of a transaction with Bank reference number on Marg ERP.
- Secure and safe: Marg and ICICI Bank have implemented multiple layer’s security mechanism on the integrated platform, so users can do banking with complete peace.
- Pay directly from Marg ERP: Users do not have to toggle between their accounting and banking applications to make business payments anymore. ICICI Bank’s current account holders can simply log in to Marg ERP, select the appropriate bills, and make payments through their connected ICICI Bank account in just a few clicks.
- One dashboard for payments made: Businesses can continue to approve their payments in ICICI Bank’s Corporate Internet Banking (CIB) portal and see every payment status updated automatically on the Marg ERP platform
- Access to ICICI Bank internet based cheque writing facility from MARG ERP: It is a completely secured and fraud-proof cheque system and will help in the elimination of cheque fraud and keeping accurate books of accounts.
- Scheduling Payments: With a single click, customers can schedule their future payments from within the Marg ERP platform. The payments will get processed on the assigned time automatically.
- Auto fetches bank balance and statements: Customers can also check their account balance 24X7 with a single click and view their bank statements within 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.