ING Vysya Bank launches Internet banking platform for corporates

ING Vysya Bank has launched an Internet banking platform for its wholesale banking clients called ‘ING Converge'. The platform addresses the payment and cash management requirements of corporates. The unique feature is that it allows a consolidated view across group accounts, even from other banks and across countries.

The platform allows a company to access its multiple accounts and also those of its group companies. As it is technically possible to access accounts held by the company in other banks using this platform, ING Vysya is in talks with other banks to facilitate this.

It also allows a consolidated view of rupee balances converted into universal currencies, payments, fund transfers and deposit placements across multiple accounts.

For instance, if a corporate has operations in multiple territories, accounts across various countries can be accessed from one location, using a single ‘sign on'.

The platform allows a company to establish different levels of authority within the organisation to access the platform, that is, different officials can be allowed to access different levels of the platform, depending on their role in the company.

This product is part of ING Vysya‘s payments and cash management service, which is a focus area, said Mr Janak Desai, Country Head, Wholesale Banking.

“Cash management and payments is an important contributor to our fee income. It also allows us the opportunity to participate in treasury management activities of corporates,” he said.

Currently, wholesale banking accounts for 45 per cent of ING Vysya's total balance-sheet.

About the demand for credit, Mr Desai said that currently there is demand for working capital. “If interest rates continue at the current levels we will see incremental capex slowing down. Global events have also caused some concern on sustainability,” he said.

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