ICICI Bank has tied up with software company Zoho. Under the agreement, Zoho will provide accounting and banking on an integrated platform. The partnership will deliver a streamlined digital banking experience to customers using Zoho’s cloud accounting software, ‘Zoho Books’. This is expected to 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, a joint statement by both the companies said. It would also allow micro, small and medium enterprises (MSMEs) in India the contextual banking experience, by connecting their banking and accounting, which was once available only to large companies and corporations with large IT and infrastructure budgets. Anup Bagchi, ED, ICICI Bank, said this integration enables MSMEs to bring in the efficiency of automation by connecting seamless banking transactions and book-keeping on a single platform. Additionally, it also enables them to keep track of all their business expenses on a single platform without having to switch multiple applications.
