With this partnership, ICICI bank current account holders can connect their bank accounts to Zoho Books that provide multiple payment options as well as can be used to request working capital loans and pay vendors directly.
The usage of Zoho Books is expected to enable the micro, small and medium enterprises (MSMEs) in India to experience contextual banking which was earlier confined to only larger enterprises.
This integration enables MSMEs to bring in the efficiency of automation by connecting seamless banking transactions and bookkeeping on a single platform.
The usage of the new platform is expected to eliminate data entry and allow the account holders to keep track of transactions flowing in and out of their bank accounts in Zoho Books.
The solution also automates reconciliation where all bank transactions are fetched automatically into Zoho Books and then it uses reconciliation engine to automatically reconcile these transactions with the ones already recorded.
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