Simplifies vendor and cross-border payment and reconciliation for Indian corporates.
Chennai—April 19th, 2018—Standard Chartered Bank today announced its alliance with Zoho, India’s leading software products company, 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 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, Mr.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 comes 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.
The Zoho Books-Standard Chartered Bank integration comes at no additional cost and is available immediately. For more information about the integration, please visit:
Zoho : https://www.zoho.com/standard-chartered/
SCB : https://www.sc.com/in/commercial/sc-zoho/
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About Zoho
Zoho is the operating system for business, a single online platform capable of running an entire business. With apps in nearly every major business category, including sales, marketing, customer support, accounting and back office operations, and an array of productivity and collaboration tools, Zoho is one of the world’s most prolific software companies. In 2017, Zoho introduced the revolutionary Zoho One, an integrated suite of applications for the entire business.
Zoho respects user privacy and does not have an ad-revenue model in any part of its business, including its free products. More than 35 million users around the world, across hundreds of thousands of companies, rely on Zoho every day to run their businesses, including Zoho itself. Zoho Corporation is privately held and profitable with more than 5,000 employees. Zoho is headquartered in Pleasanton, California, with international headquarters in Chennai, India. Additional offices are in Austin, Utrecht, Singapore, Yokohama, and Beijing. For more information, please visit www.zoho.com.
About SCB:
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Standard Chartered Bank India
Standard Chartered Bank is India’s largest international bank with 100 branches in 43 cities, and we have been operating here since 1858. Key business segments include Corporate & Institutional Banking, Commercial & Private Banking as well as Retail Banking.
For more information, visit https://www.sc.com/in/
Standard Chartered
We are a leading international banking group, with more than a 150-year history in some of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.
We are present in 62 countries and territories, with over 1,000 branches and around 3,000 ATMs.
Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on Twitter, LinkedIn and Facebook.
Media contact for Zoho:
AravindNatrajan; +91-9840708418; aravind@zohocorp.com
Nanya Srivastava; +91-9962024865; nanya@zohocorp.com
2020 MSL
Nina Justin; +91-8056126560; nina.justin@2020msl.com
Saivinaicheithanya R; +91-8056108978; saivinai.r@2020msl.com
Media contact for Standard Chartered Bank:
Rahul Virkar
Head – External Communications
Standard Chartered
022-61158632
