ICICI announced launched a novel solution named STACK

ICICI Bank today announced the launch of a novel solution named STACK for real estae companies. This is a combination of digital and phygital solutions, which enables participants from the real estate sector, namely builders, real estate investment trusts (REITs) and alternate investment funds (AIFs), to undertake banking transactions expeditiously all on one platform.

Speaking to Moneycontrol, Anup Bagchi, Executive Director, ICICI Bank, said that the platform will help real estate companies streamline their operations.

“STACK for real estate will focus on tech efficiency, which will help the companies save on time and resources,” Bagchi told Moneycontrol.

STACK for the real estate sector is an extension of the ‘ICICI STACK for Corporates’, which the bank had launched last year to provide a set of customised banking solutions for corporates and their entire ecosystem.

“The first-of-its kind initiative offers builders, banking solutions such as digital opening of bank accounts, instant generation of account number for RERA registration*, construction finance, inventory funding, and lease rental discounting to cater to their financial needs, depending on the life cycle stage of a project. In addition, it enables them to manage their payment obligations to vendors, employees, utility providers, and statutory payments efficiently,” said the release.