ICICI Bank bundles digital business banking products under InstaBiz label

ICICI Bank bundles digital business banking products under InstaBiz label
Source: Finextra

ICICI Bank announces the launch of a new digital platform curated specially for MSMEs and self-employed customers to enable them to undertake their business banking transactions digitally and instantly.

Called, ‘InstaBIZ’, it allows customers to avail as many as over 115 products and services in a digital and secure manner on their mobile phone or internet banking platform. Many of the services are first-in-the-industry and are available instantly. With this, MSMEs can now enjoy enhanced convenience and productivity, as they can complete their banking transactions ‘on-the-go’, without visiting a bank branch.

This first-of-its-kind comprehensive digital platform for businesses enables them to experience the convenience of a range of services completely digitally —instant overdraft facility (upto Rs 15 lakh) & business loans, easy bulk collection & payments of funds through multiple digital modes, automatic bank reconciliation and undertake largely all of the export-import transactions like inward and outward remittances among others. Further, it is the first digital banking platform to enable instant payment of GST using the challan number in a single click payment. Additionally, they can instantly apply for a Point-of-Sale (PoS) machine as well as instant marine insurance policy—both industry first services.

MSMEs, who are not customers of the Bank, can also download ‘InstaBIZ’ and enjoy the un-paralleled convenience of industry-first solutions. Prominently, they can get instant sanction of an overdraft facility upto Rs 10 lakh simply by uploading their bank statements and KYC details. They can also apply for a current account and customise its account number, which is displayed instantly.

With the above array of digitisation, ‘InstaBIZ’ is the most comprehensive and only digital banking platform in the country and among few globally for self-employed segment and MSMEs, that provides a bouquet of comprehensive solutions in ‘one single place’.

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