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Axis Bank launches transaction banking solution for MSMEs
September 21, 2023
Private sector lender Axis Bank on Thursday announced a new banking offering ‘NEO for Business’ for MSMEs to cater to their real, current, and emerging transaction banking requirements. The services include digital self on-boarding, bulk payments, GST-compliant invoicing, payment gateway integration, 360° customer view, end-to-end transaction tracking, auto reconciliation, recurring collections, cash flow reports and more.
Transaction banking refers to a set of banking services and products that facilitate the daily financial transactions and cash flow management of businesses, corporations, and financial institutions. It is primarily focused on the operational aspects of banking and plays a crucial role in supporting the day-to-day financial activities of businesses.
“Rise in digital adoption presents prospects for further growth in the sector and we see this as a huge opportunity,” said Axis Bank in a statement. Existing Axis Bank Current Account customers can use NEO for Business on mobile through the mobile app or through online registration.
The service is currently available for sole proprietorship entities and individuals and will soon be extended to companies, partnerships, and LLPs.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/