YES Bank and IBSFINtech tie up to provide enhanced digital services for corporate clients
YES Bank and TreasuryTech Solution provider IBSFINtech have partnered up to explore untapped opportunities emerging out of the digitization of corporate finance.
The partnership aims to make corporate finance function convenient with the end-to-end and connected ecosystem, and reach out to a wider customer base through mutually inclusive go-to-market strategies.
Throwing more light on the partnership, YES Bank Country Head - Transaction Banking Ajay Rajan 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 digitization between corporates and banks.”
Sharing his views on this partnership, IBSFINtech MD & CEO C M Grover said, "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 their 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.