MUMBAI (TIP): Axis Bank has become the first lender to offer corporates a mobile-based solution that fully integrates with the company’s own back-end computer networks. This offering, aimed at beefing up the bank’s transaction banking platform, frees senior executives from the office and allows them to undertake authorizations on the go.
The application would allow a treasury head to move money into liquid mutual fund schemes instantly without losing a day. It can allow authorized personnel to approve transactions even when they are travelling. Speaking to ToI, V Srinivasan, executive director in charge of corporate banking said “We have been very strong in the transaction banking space and we are trying to make sure that we stay ahead of the pack and gain market share”. He added that the bank ranked number three in current account balances despite being only the eighth largest in overall balance sheet. The comprehensive suite of mobile and tablet based solutions for corporates encompasses the entire gamut of transaction banking products and services.
According to Srinivasan while banks have been offering mobile banking for corporates this is the first time that there is a solution which integrates with the corporates Enterprise Resource Planning software.
He said that with the increase in the number of payment platforms including NEFT (national electronic funds transfer) and IMPS (Immediate Payment System) corporates now needed to take decision almost immediately to use their funds more efficiently. For instance if money comes into the corporate’s account at 1pm the treasury head can move it instantly into a liquid scheme and benefit from the returns for one additional day.