Standard Chartered Bank inks alliance with Zoho

Standard Chartered Bank announced its alliance with Zoho to offer innovative solutions enhancing the corporate banking experience for its customers in India.

Standard Chartered Bank business account holders can now pay their suppliers—whether it's cross-border payments or bank transfers—and automate reconciliation right from Zoho Books, Zoho’s cloud accounting software.

With Zoho Books giving real-time visibility into the business health, Standard Chartered Bank's corporate clients can now avail the benefits of this integration in addition to supply chain financing for their SME retailers who are in need of the working capital loan.

Speaking about the alliance, Sanjay Gurjar, Managing Director and Head, Transaction Banking (India and Nepal), Standard Chartered Bank, said, “At Standard Chartered Bank, our endeavour is to be at the forefront of cutting-edge banking technology and to be the digital bank of choice for our clients. This collaboration with Zoho offers our clients a revolutionary experience, enabling them to interact with us seamlessly; resulting in simpler reconciliation, faster payments and better information delivery for clients. This further strengthens our ability to support supply chain ecosystems and our commitment to help our clients achieve their ambitions on domestic and cross-border growth aspirations.”

Also added, Sridhar Vembu, CEO, Zoho Corp, "I am very excited about Zoho and Standard Chartered coming together. With this partnership, corporate banking functions are directly baked into their accounting software driving innumerable efficiencies. CFOs accounts payable and receivables staff, cash managers, audit professionals will all witness rapid gains. As an example, cross-border payments requiring tiresome documentation can be directly initiated from Zoho Books—an industry first functionality—infusing simplicity into a complex process that encourages businesses to scale globally."

Benefits of the Standard Chartered Bank - Zoho Books alliance:

• Direct B2B payments: Whether it's a domestic or international vendor payment, businesses do not have to shuffle between their accounting systems and bank accounts anymore. Corporates having Standard Chartered accounts can effortlessly log in to Zoho Books, select the appropriate bills, and initiate payments in just a few clicks. Zoho Books intelligently shows the right payment mode (NEFT/RTGS/Bank Transfer/Telegraphic Transfer) when payments are initiated. Additionally, businesses can save more time by choosing the bulk payment option for vendor payments.
• Easy receivable reconciliation with virtual accounts: With thousands of customer payments flowing into the corporate account, matching the right payment to the right customer is challenging. Zoho Books' virtual accounts come in handy at this juncture. It smartly matches the payment to the right customer thereby simplifying the entire process of customer payment reconciliation.

• Reconcile transactions automatically: Zoho Books-Standard Chartered integration makes reconciliation a breeze for corporates. With this integration, all bank transactions are fetched automatically and securely into a business' Zoho Books account. Reconciliation is then simply a matter of clicking a button as Zoho Books shows the exact match for every single transaction. With transactions mapped into the right account and a detailed activity report available in Zoho Books, corporates can remain stress-free yet audit-ready.