ICICI Bank onboards 70 leading corporates on CorpConnect

ICICI bank has on boarded 70 leading companies on CorpConnect, the digital platform that is launched last year to enable corporates to undertake quick payments and collections to their channel partners.

CorpConnect a first of its kind initiative, also offers quick and collateral free digital channel financing solutions such as dealer finance for distributions and vendor finance factoring for suppliers.

The list of companies includes ArcelorMittal Nippon Steel India ltd., Asian paints, Blue Star Ltd, Voltas ltd. among others. These companies many of them are members of the S&P BSE 200 index represent various industries namely FMCG, consumer durables, steel, oil, cement, textiles etc.

Through CorpConnect companies can directly integrate with the Bank’s systems and embed the banking solutions such as channel financing payable finance and factoring within their ERP systems. This can be done either by API integration with Bank or with host-to-host Secure File Transfer Protocol solution. The use of these cutting-edge technologies reduces integration time significantly, thereby enhancing operational and financial efficiencies of the organization significantly.

CorpConnect will offer two benefits to companies, digital ecosystem and digital process.