YES BANK wins dual accolades at The Banker Transaction Banking Awards 2017
Bangalore, October 11, 2017: YES BANK, India’s fifth largest private sector Bank, won dual accolades at The Banker Transaction Banking Awards 2017, reinforcing its leadership in Transaction Banking. YES BANK was the ‘Global Winner’ in the Supply Chain Finance category and was also adjudged as Transaction Bank of the Year for Asia Pacific. YES BANK’s win post the thorough assessment done by The Banker is a testament to the comprehensive and industry leading Transaction Banking Solutions provided by the Bank, which leverage best-in-class technology and Innovation.
To win theTransaction Bank of the Year for Asia Pacific, YES BANK has beaten all majortransaction banks, including global banks, who have traditionally dominated theregion.
YES BANK hadpreviously won The Banker Transaction Banking Awards for Paymentsin 2014 and 2016; along with being awarded the Best TradeFinance Bank in India by The Asian Banker Transaction BankingAwards for 3 consecutive years.
In its Awardcitation, The Banker mentioned that ‘YES BANK has gone beyond traditionalvirtual account solutions, which were limited to facilitating inward credit andignored a key client demand for greater ease and automation of reconciliation.Its eCollect solution uses application programming interfaces (APIs) andstructured reports to bridge the gap between receipt of funds andreconciliation. eCollect is a plug-and-play solution for faster customeronboarding and eliminates the need for bank involvement in generating virtualaccount numbers. It also integrates bank and client systems to enable real-timevalidation, transaction processing and enterprise resource planning updates.’
On YES BANKbeing adjudged the Global Winner in the Supply Chain Finance category, TheBanker said that YES BANK’s developments within this space is an impressiveexample of innovation, and the Bank is utilizing new technology to establishitself as a pioneer in this space.
TheBanker’s Transaction Banking Awards are unique in recognizing project-basedinnovations. The Banker encourages each entrant to not only outline theiroverall strategy but also provide up to three examples of how the innovation(s)will help improve their clients’ businesses.
Over theyears, YES BANK has been scaling up its market position to emerge as a leadingand prominent bank offering a full suite of supply chain financing productsusing its first-in-the-industry API Banking solutions.
On receivingthe prestigious recognitions, Asit Oberoi, Group President and GlobalHead, Transaction Banking Group, YES BANK, said: “We are honoured toreceive such a prestigious and significant global recognition from the world’sleading banking publication, The Banker. This dual win demonstrates the Bank’simpressive and sustained progress in offering customized Trade Finance &Cash Management Services. This complimented by prudent Risk Management andregulatory compliance has ensured that we offer consistent and seamlesssolutions to our Corporate Clientele. We had invested significantly intechnology in our quest to be ahead of the curve in terms of Innovative anddifferentiated services. We feel vindicated having pursued such a strategy. Theseawards reaffirm YES BANK’s mission of breaking technological barriers toprovide superior customer experience.”
TheTransaction Banking Group at YES BANK is a core product group focused onFinancial Supply Chain Management of Corporates, both International andDomestic, comprising Trade Finance & Services and Cash Management Services(CMS). The Trade Finance & Services product portfolio focuses significantlyon Working Capital requirements across large and small Corporates (includingthe government and SMEs).