CURRENT AFFAIRS
CURRENT AFFAIRS
Description
In a strategic attempt to meet the changing needs of Indian Micro, Small, and Medium Enterprises (MSMEs), Axis Bank recently announced its ground-breaking Transaction Banking platform, 'NEO for Business.' This new digital product is intended to fully serve the real-time needs of MSMEs, marking a key milestone in the Indian commercial banking market.
A Forward-thinking Approach to Business Banking
Neeraj Gambhir, Group Executive and Head of Treasury, Markets, and Wholesale Banking Products at Axis Bank, emphasized the rapid expansion of MSME business banking and the need for a comprehensive solution that addresses both banking and non-banking demands. He stated:
'NEO for Business' addresses their different needs by providing a diverse variety of products and services through a unified platform.
This platform, which was originally created for corporate banking clients, offers a comprehensive range of digital banking products and services.
Within this environment, 'NEO for Business' develops as an innovative solution designed to meet the unique business requirements of MSMEs.
MSME Transaction Banking Transformation
Vivek Gupta, Axis Bank's President and Head of Wholesale Banking Products, emphasized the uniqueness of 'NEO for Business.' He stated:
"NEO for Business" is designed to be a unique first Transaction Banking platform for MSMEs.
It includes a modern UI/UX as well as bank-grade security features.
NEO for Business will change the Transaction Banking landscape for MSMEs by building a solid digital ecosystem to meet all of their changing needs.
Axis Bank's NEO for Business: Key Features
The 'NEO for Business' platform is a game changer for MSMEs, providing an extensive array of Banking and Beyond Banking features that improve efficiency and productivity. Some of its important aspects are as follows:
1. Digital Self Onboarding:
MSMEs can effortlessly onboard themselves onto the platform using NEO for Business, reducing the requirement for actual visits to a bank branch.
2. Payments in Bulk:
Bulk payments are made possible by the platform, which streamlines the process for firms that require regular and large-scale payment transactions.
3. Invoicing in accordance with GST:
NEO for Business ensures GST compliance in invoicing, allowing enterprises to easily handle their tax-related data.
4. Integration of Payment Gateways:
Integration with payment gateways makes online transactions easier for MSMEs, allowing them to accept payments securely.
5. 360° Customer Perspective:
Users receive access to a full perspective of their financial data, allowing them to make better decisions and manage their finances.
6. Transaction Tracking From Start to Finish:
Businesses can track transactions from start to finish, assuring transparency and accountability.
7. Auto Reconciliation:
NEO for Business automates the reconciliation process, which reduces errors and saves MSMEs important time.
8. Recurring Collections:
The platform provides solutions to properly handle collections for firms that rely on regular payments.
9. Cash Flow Statements and More
Detailed cash flow reports and a variety of other tools provide MSMEs with information to help them optimize their financial operations.
With these distinguishing advantages, MSMEs may now experience increased convenience and productivity by performing banking transactions 'on the go' without having to visit a real bank branch.
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