ICICI Bank integrates banking and accounting with Open
Fintech start-up Open Financial Technologies has partnered with India’s ICICI Bank to launch an integrated payments platform for micro, small and medium enterprise (MSME) customers.
This integration enables ICICI Bank’s current account holders to connect their bank account with the “Open” platform and carry out invoicing, online payments, vendor payouts as well as accounting.
It also enables businesses to automatically reconcile banking and accounting entries to generate profit and loss statements, balance sheets and expense reports.
This aims to eliminate the need for manual data entry, automate banking functions like invoicing, payments and reconciliation on a single platform as well as facilitate payments to vendors/suppliers directly through the accounting platform.
The existing customers of ICICI Bank can access the platform through the bank’s corporate internet banking portal.