MUMBAI, India, Aug. 10, 2022 /PRNewswire/ — YES BANK and IBSFINtech, the leading TreasuryTech Solution provider, have teamed up to explore untapped opportunities emerging out of digitization of corporate finance. This unique partnership will empower the corporate treasury ecosystem with a robust decision-making tool and automated workflows backed by seamless bank connectivity.
IBSFINtech’s robust technology framework coupled with YES BANK’s seamless banking infrastructure and leadership in the corporate digital solutioning space will provide connectivity between a corporate’s ERP and a bank’s solutions. Owing to the end-to-end and connected ecosystem that this unique partnership aims to build, corporate finance function will become convenient. Both YES BANK and IBSFINtech have plans to tap the opportunities available in the market and reach out to wider customer base through mutually inclusive go-to-market strategies.
Throwing more light on the partnership, Mr. Ajay Rajan, Country Head – Transaction Banking, YES BANK, said, “YES BANK continues to strengthen its position in the industry by investing in partnerships focused towards enhancing the digital experience for corporations and emerging businesses across the country. This partnership with IBSFINtech is a step forward towards providing next gen technology solutions across Cash, Liquidity, Treasury, Risk, Trade Finance and Supply Chain Finance functions of corporations. It is focused on co-creating and delivering deeply integrated treasury solutions via IBSFINtech’s platform, with the aim to achieve complete digitization between corporates and banks.”
Sharing his views on this partnership, Mr. C M Grover, MD & CEO, IBSFINtech, said, “It is an opportune time for the banking ecosystem to further integrate with technology, thereby strengthening their solutions for the Indian corporations. We are glad to enter into this partnership with one of India’s most forward-looking technology led banks, which has taken the lead in enabling a connected banking ecosystem. IBSFINtech’s TreasuryTech platform is deeply integrated with the internal IT ecosystem of corporates. With this tech partnership with YES BANK, the platform enables an end-to-end connected ecosystem for corporates and the bank, powered by our robust technology platform.”
The collaboration between YES BANK and IBSFINtech will yield paperless communication between the Bank and corporates across the function of treasury and trade finance. From issuing fund transfers to forex transactions to completing trade documentation, the entire process will be digitized and powered by the robust platform offered by IBSFINtech.
The most critical challenge corporations face today includes having clear visibility of cash across different entities and bank accounts. IBSFINtech’s TreasuryTech platform connects with YES BANK through APIs and provides real-time cash visibility. Being a bank agnostic platform, the solution offers connectivity with other banks, thereby enabling complete visibility across all Banks and entities that the corporation is associated with.
The fintech and Bank partnership model has seen wider acceptance, especially during the post-Covid times, as Banks are ready to embrace and deliver digital experiences to enterprise customers more aggressively. Banks now view fintechs as their technology partner who can further their vision to expand the reach and engage with corporations more effectively. The connected ecosystem achieved through this partnership will help corporates achieve complete digitization of their treasury and trade finance function.