Zoho partners with ICICI Bank

Zoho partners with ICICI Bank

In an industry-first integration of accounting and banking, Zoho is partnering with ICICI Bank 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 pioneering 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 large IT and infrastructure budgets.

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.

 

Leave a Reply

Your email address will not be published. Required fields are marked *