MARG ERP joins hands with ICICI Bank to offer a payments platform

Marg ERP Limited has partnered with ICICI Bank to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG’s accounting software.

This pioneering initiative significantly enhances convenience for MSMEs as they are no longer required to toggle between a banking platform and an ERP software to undertake their business transactions. It also allows them to experience contextual banking, by connecting their banking and accounting, which was once available only for large companies and corporations with large IT and infrastructure budgets.

Talking about the partnership, Anup Bagchi, Executive Director, ICICI Bank, said, “ICICI Bank has always pioneered in bringing in digital innovations and provide world-class banking experience to its customers. We are delighted to partner with Marg ERP to bring forth an integrated payments solution that will offer MSMEs with unparalleled ease of doing business. The collaboration aims to promote the concept of ‘Connected Banking’ wherein we aim to get various banking functions such as initiating transactions, payments and reconciliation on a common platform.”

Benefits of the ICICI Bank-Marg ERP partnership –

o Control over fund flow without any additional efforts: With this integration, business owners can keep track of transactions flowing in and out of their bank accounts on Marg ERP. Businesses can eliminate data entry and manual errors of accounting, as transactions are directly fetched from the bank. Real-time bank balance and transaction status visibility on accounting platform will help business owners to take important decisions instantly.

o Automates Bank reconciliation: All bank transactions can be fetched automatically into Marg ERP, after which Marg ERP will automatically reconcile the bank statement with entries in the accounting ledger saving its user a lot of time. This is again a unique feature of this alliance that auto bank reconciliation will now be available to SMEs in India.

o Secure and Safe: Marg and ICICI Bank have implemented multiple layer’s security mechanism on the integrated platform, so users can do banking with complete peace.

o Pay directly from Marg ERP: Users do not have to toggle between their accounting and banking applications to make business payments anymore. ICICI Bank’s current account holders can simply log in to Marg ERP, select the appropriate bills, and make payments through their connected ICICI Bank account in just a few clicks.

o One dashboard for payments made: Businesses can continue to approve their payments in ICICI Bank's Corporate Internet Banking (CIB) portal and see every payment status updated automatically on the Marg ERP platform

o Access to ICICI Bank internet based cheque writing facility from MARG ERP: It is a completely secured and fraud-proof cheque system and will help in elimination of cheque fraud and keeping accurate books of accounts. The authorized signatory can approve cheque request remotely ensuring that the customer is always in control of their business.

o Pricing and availability: The Marg ERP-ICICI Bank integration comes at no additional cost to the customer. Marg will also offer 10-per cent cashback on purchase of its products for ICICI Bank current account customers.

With ICICI Bank current account and Marg ERP software, small and medium businesses can now experience secured, connected banking which was only available to large corporates having expensive IT infrastructure.