Fintech, Finance, Technology, Banking Highlights – 13 June 2018
Marg ERP signs ICICI Bank for accounting software
Marg ERP limited, a Enterprise Resource Planning (ERP) company has partnered with ICICI Bank, India’s largest private sector bank by consolidated assets, to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using Marg’s accounting software.
This integration enables ICICI Bank’s current account holders to securely connect their bank account with the Marg ERP software and undertake an array of digital transactions from within the ERP platform. It will enable businesses to initiate vendor & salary payments via RTGS, NEFT or IMPS directly from this platform, automate reconciliation of banking and accounting entries, apply for working capital loans as well as schedule future dated payments, thereby offering them an exemplary command over day-to-day financial transactions.
Talking about the partnership, Mr. Anup Bagchi, Executive Director, ICICI Bank said,” ICICI Bank has always pioneered in bringing digital innovations and providing 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 an 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. Additionally, it will enable businesses to initiate vendor & salary payments digitally, apply for working capital loans as well as schedule future dated payments without having to shift between a banking and an ERP software platform. We will continue the model of co-creating to deliver innovative products and services to our customers.”
Trulioo and Acuant team on global identity tool for fraud prevention
Trulioo, a global identity and business verification provider, has partnered with Acuant, a global provider of data capture and identity authentication solutions, to supplement its online identity verification marketplace, GlobalGateway.
The partnership offers consumers a swift onboarding experience while ensuring regulated businesses adhere to cross-border Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements.
“Today’s consumers expect to shop, pay, and bank on their mobile devices from anywhere and at any time,” said Stephen Ufford, CEO of Trulioo. “By partnering with companies like Acuant, businesses have access to reliable global data sources and trusted authentication technologies to instantly verify and authenticate identities online without compromising convenience or security.”
Working in tandem, document authentication and facial recognition combined with AML/KYC compliant electronic identity verification offers an effective and masterful identity proofing solution to help reduce fraud and root out financial crime during account creation.
Chynge unveils blockchain-based remittance service
Singapore-based fintech startup, Chynge has announced that it is launching an all-new decentralized remittance platform that will allow users to make instant, free and safe money transfers across borders.
Leveraging on blockchain technology, Chynge’s platform aims to encourage financial inclusion in parts of the world where access to traditional banking services are limited.
The process of transferring money from country to country is hindered by several factors today – It is too slow because users are required to visit a bank or money transfer operators, which only offer over-the-counter services during business hours and is almost always delayed by long queues; It contains fees which may be hidden or expensive and users may be burdened by costs that can amount to an average of 7%; It is inconvenient as users have to provide additional information and pay extra charges to meet compliance regulations as traditional financial institutions attempt to combat the scourge of illegitimate fund transactions.
