YES Bank and IBSFINtech, a TreasuryTech Solution provider, have teamed up to explore untapped opportunities emerging out of digitisation of corporate finance. This partnership will empower the corporate treasury ecosystem with a robust decision-making tool and automated workflows backed by seamless bank connectivity.
On the tie-up, Ajay Rajan, Country Head-Transaction Banking, YES Bank, said, “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 digitisation between corporates and banks.”
CM Grover, MD & CEO, IBSFINtech, said, “We are glad to enter into this partnership. 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.”
IBSFINtech’s technology framework coupled with YES Bank’s 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.
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 digitised and powered 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 partners who can further their vision to expand the reach and engage with corporations more effectively.