MARG ERP Limited partners with ICICI Bank
New Delhi, June 14, 2018: Marg ERP limited, a leading Inventory and Accounting software solution company has partnered with ICICI Bank, India’s largest private sector bank by consolidated assets, 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 ICICIBank’s current account holders to securely connect their bank account with theMARG ERP software and undertake an array of digital transactions from withinthe ERP platform itself. It will enable businesses to initiate vendor &salary payments via RTGS, NEFT or IMPS directly from this platform, automatereconciliation of banking and accounting entries, apply for working capitalloans as well as schedule future dated payments, therebyoffering exemplary command over day-to-day financial transactions forbusinesses.
This pioneering initiative significantly enhances convenience for MSMEsas they are no longer required to toggle between a banking platform and an ERPsoftware to undertake their business transactions. It also allows them toexperience contextual banking, by connecting their banking and accounting,which was once available only for large companies and corporations with largeIT and infrastructure budgets.
Talking about the partnership, Mr. Anup Bagchi, Executive Director,ICICI Bank said,”ICICI Bank has always pioneered in bringing in digitalinnovations and provide world-class banking experience to its customers. We aredelighted to partner with Marg ERP to bring forth an integrated paymentssolution that will offer MSMEs with unparalleled ease of doing business. Thecollaboration aims to promote the concept of ‘Connected Banking’ wherein we aimto get various banking functions such as initiating transactions, payments andreconciliation on a common platform. Additionally, it will enable businesses toinitiate vendor & salary payments digitally, apply for working capitalloans as well as schedule future dated payments without having to shift betweena banking and an ERP software platform. We will continue the model ofco-creating to deliver innovative products and services to our customers.”
“This is amaiden tie-up between Marg ERP and ICICI Bank, where we will provide integratedsoftware solutions to small and medium enterprises and will address many of thecomplexities related to their payables and accounting. This tie up will enablethem to initiate RTGS, NEFT, and IMPS transactions directly from Marg ERP’splatform. The customers just need to register their ICICI Bank’s currentaccount on Marg ERP software through a simple two-click one-time process. SMEsand MSMEs in the country can now leverage the power of Integrated Banking, savetime and increase productivity. We are happy and proud to be associating withICICI Bank,” said Thakur Anup Singh, CMD, Marg ERP
Benefits of the ICICI Bank-Marg ERP partnership:
· Control over fund flow without any additional efforts: Withthis integration, business owners can keep track of transactions flowing in andout of their bank accounts on Marg ERP. Businesses can eliminate data entry andmanual errors of accounting, as transactions are directly fetched from thebank. Real-time bank balance and transaction status visibility on accountingplatform will help business owners to take important decisions instantly.
· Automates Bank reconciliation: All bank transactions can befetched automatically into Marg ERP, after which Marg ERP will automaticallyreconcile the bank statement with entries in the accounting ledger saving itsuser a lot of time. This is again a unique feature of this alliance that autobank reconciliation will now be available to SMEs in India.
· Provide multiple payment options: The integrated paymentsolutions offer multiple payment options like NEFT, RTGS, and IMPS fundtransfer with instant status update of transaction with Bank reference numberon Marg ERP.
· Secure and safe: Marg and ICICI Bank have implementedmultiple layer’s security mechanism on the integrated platform, so users can dobanking with complete peace.
· Pay directly from Marg ERP: Users do not have to togglebetween their accounting and banking applications to make business paymentsanymore. ICICI Bank’s current account holders can simply log in to Marg ERP,select the appropriate bills, and make payments through their connected ICICIBank account in just a few clicks.
· One dashboard for payments made: Businesses can continue toapprove their payments in ICICI Bank's Corporate Internet Banking (CIB) portaland see every payment status updated automatically on the Marg ERP platform
·Access to ICICI Bank internet based cheque writing facility from MARGERP: It is a completely secured and fraud-proof cheque system and willhelp in elimination of cheque fraud and keeping accurate books of accounts. Theauthorised signatory can approve cheque request remotely ensuring that thecustomer is always in control of their business.
·Scheduling Payments: With a single click, customers can scheduletheir future payments from within the Marg ERP platform. The payments will getprocessed on the assigned time automatically.
· Auto fetch bank balance and statements: Customers can alsocheck their account balance 24X7 with a single click and view their bankstatements within Marg ERP.
· Apply business loans from MARG ERP: With thisalliance, ICICI Bank current account holders will now be able to apply forworking capital loans from the Marg ERP software. Common customers can make therequest while looking at their cash flow statement or while making payments tovendors in Marg ERP, when they can see that there is need for a loan.
· Pricing and availability: The Marg ERP-ICICI Bank integrationcomes at no additional cost to the customer. Marg will also offer 10 percentcash back on purchase of its products for ICICI bank current account customers.
With ICICI Bank current account and Marg ERP software, small and mediumbusinesses can now experience secured, connected banking which was onlyavailable to large corporates having expensive IT infrastructure.
For more information on the integration please visit-· #toptitle" target="_blank">https://www.icicibank.com/business-banking/cash-management-services/alliance-strategic-partner.page?#toptitle