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ICICI Bank today announced that it has on-boarded 70 leading companies on ‘CorpConnect’. CorpConnect is the bank's digital platform that it launched last year to enable corporates to undertake instant payments and collections to/from their channel partners, as per the bank statement.
CorpConnect also offers instant and collateral free digital channel financing solutions such as dealer finance for distributors and vendor finance, reverse factoring for suppliers.
As per the bank release, the list of these companies include ArcelorMittal Nippon Steel India Ltd., Asian Paints Ltd., Blue Star Ltd., Crompton Greaves Consumer Electricals Ltd., Exide Industries Ltd., Hero Cycles Ltd., Hindustan Unilever Ltd., Kansai Nerolac Paints Ltd., Nayara Energy Ltd., Orient Electric Ltd., Somany Ceramics Ltd., V-Guard Industries Ltd. and Voltas Ltd. (in alphabetical order) among others.
These companies-- many of them are members of the ‘S&P BSE 200 Index’-- represent various industries namely FMCG, consumer durables, auto ancillaries, steel, oil, cement, textiles, paints, tiles/ sanitary wares, pipes, chemicals, engineering goods and agriculture commodities, it added.
Through ‘CorpConnet’, companies can directly integrate with the Bank’s systems and embed the banking solutions such as channel financing, vendor bill/ invoice discounting, payable finance and factoring within their ERP systems. This can be done either with API integration with the Bank or with host-to-host SFTP (Secure File Transfer Protocol) solution. The use of these cutting-edge technologies reduces integration time significantly, thereby enhancing operational and financial efficiencies of the companies significantly.
Mr. Anuj Bhargava, Head- Global Clients Group, ICICI Bank said, “we launched ‘CorpConnect’ last year to help companies and their channel partners with the facility of seamless collection/payment, reconciliation and financing on a day-to-day basis. We are pleased to share that we have on-boarded 70 leading corporates on ‘CorpConnect’."
