This digital move is in line with the country’s “Digital India” initiative.
Bank of Baroda implements a new comprehensive supply chain finance platform from Intellect Global Transaction Banking (iGTB), enabling the bank to provide supply chain finance for the first time.
This focuses on centralising, simplifying and accelerating transaction processes, and is set to contribute to Indian Prime Minister Narendra Modi’s “Digital India” initiative, targeting 25 billion digital transactions in the country between 2017 and 2018. It will also help tackle the $418 billion SME financing gap in India, with supply chain finance facilitating support through to even some of the country’s smallest business.
The solution provides a full range of supply chain finance products, covering pre- and post-shipment, vendor finance, dealer finance and payable finance, and is highly flexible and scalable, with an omni-channel user interface that supports rich analytics. By increasing automation and straight-through processing, while enhancing reporting capabilities, the platform should drastically reduce transaction costs and risks while uplifting satisfaction of the bank’s clients.
Bank of Baroda’s head of supply chain finance Litesh Majethia says, “With this latest state-of- art digitized SCF product, we are now live with a few large corporates and many more in the pipeline. With this product we will be augmenting our relationship with large corporate customers and SME clients. This product will help us enter new large corporate relationship and MSME clients.”
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