Mumbai, December 17, 2021: ICICI Bank today announced that it has onboarded 70 leading companies onto ‘CorpConnect’, its digital platform launched last year to enable corporates to undertake instant payments and collections with their channel partners. The platform also offers instant, collateral-free digital channel financing solutions, including dealer finance for distributors and vendor finance/reverse factoring for suppliers.
The companies onboarded include ArcelorMittal Nippon Steel India, Asian Paints, Blue Star, Crompton Greaves Consumer Electricals, Exide Industries, Hero Cycles, Hindustan Unilever, Kansai Nerolac Paints, Nayara Energy, Orient Electric, Somany Ceramics, V-Guard Industries and Voltas, among others. Many of these companies are part of the S&P BSE 200 Index and represent sectors such as FMCG, consumer durables, auto ancillaries, steel, oil, cement, textiles, paints, tiles and sanitaryware, pipes, chemicals, engineering goods, and agricultural commodities.
Through ‘CorpConnect’, companies can directly integrate with the Bank’s systems and embed banking solutions such as channel financing, vendor bill/invoice discounting, payable finance, and factoring within their ERP systems. Integration can be enabled either through APIs or via host-to-host SFTP (Secure File Transfer Protocol). These technologies significantly reduce integration timelines while improving operational and financial efficiency.
