Brings accounting and banking solutions for MSMEs: Marg ERP
With the recent tie-up with ICICI and Marg ERP software expected to bring accounting and banking solutions for MSMEs ,it will also enables automated reconciliation services.
The partnership will give access to ICICI Bank internet based cheque writing facility. Marg ERP is positioned as an Inventory and Accounting software solution company has partnered with ICICI Bank to offer an integrated payments platform to Micro, Small and Medium Enterprise (MSME) customers, using MARG's accounting software. This integration will enable connected banking and also enable ICICI Bank's current account holders to securely connect their bank account with the MARG ERP software and undertake an array of digital transactions from within the ERP platform itself, said Thakur Anup Singh, CMD, Marg ERP. The partnership will provide an array of benefits that will also initiate financial transactions for businesses.
This integration enables ICICI Bank’s current account holders to securely connect their bank account with the Marg ERP software and undertake an array of digital transactions from within the ERP platform. It will enable businesses to initiate vendor & salary payments via RTGS, NEFT or IMPS directly from this platform, automate reconciliation of banking and accounting entries, apply for working capital loans as well as schedule future dated payments, thereby offering them an exemplary command over day-to-day financial transactions.
This pioneering initiative significantly enhances convenience for MSMEs as they are no longer required to toggle between a banking platform and an ERP software to undertake their business transactions. It also allows them to seamlessly connect their banking and accounting, which was once available only for large companies with large IT and infrastructure budgets.
Talking about the partnership, Mr. Anup Bagchi, Executive Director, ICICI Bank said," ICICI Bank has always pioneered in bringing digital innovations and providing world-class banking experience to its customers. We are delighted to partner with Marg ERP to bring forth an integrated payments solution that will offer MSMEs with an unparalleled ease of doing business. The collaboration aims to promote the concept of ‘Connected Banking’ wherein we aim to get various banking functions such as initiating transactions, payments and reconciliation on a common platform. Additionally, it will enable businesses to initiate vendor & salary payments digitally, apply for working capital loans as well as schedule future dated payments without having to shift between a banking and an ERP software platform. We will continue the model of co-creating to deliver innovative products and services to our customers."
"This is a maiden tie-up between Marg ERP and ICICI Bank, where we will provide integrated software solutions to small and medium enterprises and will address many of the complexities related to their payables and accounting. This tie up will enable them to initiate RTGS, NEFT, and IMPS transactions directly from Marg ERP’s platform. The customers just need to register their ICICI Bank’s current account on Marg ERP software through a simple two-click one-time process. SMEs and MSMEs in the country can now leverage the power of Integrated Banking, save time and increase productivity. We are happy and proud to be associating with ICICI Bank," said Mr. Sudhir Singh, MD, Marg ERP Ltd. He further said, we expects to garner revenue of around Rs 110 crore in 2018-19 financial year. we are also planning to raise Rs 100 crore to fund its future growth. In 2017-18, we posted revenue of around Rs 73 crore. This year we expect Rs 100 crore from domestic market and additional Rs 10 crore from overseas markets,Sudhir added.
The company has over 600 people on direct roles and has roped in around 8,000 people through partners. Our focus has been on SMEs. We started AI in our software since the beginning. We have a team of 200 people for research and development to focus on new technology," Singh said.With ICICI Bank current account and Marg ERP software, small and medium businesses can now experience secured, connected banking which was only available to large corporates having expensive IT infrastructure.