ICICI Bank launches digital banking platform for SMBs
ICICI Bank announced the launch of its digital banking services platform called ‘Merchant Stack’, which will serve retail merchants including grocers, supermarkets, large retail store chains, online businesses, and large ecommerce firms.
This platform will help small and medium business owners to meet their banking requirements seamlessly so that they can continue to serve their customers even in the current challenging times.
The benefits available on the Merchant Stack platform can be availed by downloading the InstaBIZ app from Google Play Store or Apple App Store. Those merchants who don't have an account with ICICI Bank too can get listed on the platform by opening a zero balance current account on the InstaBIZ app.
Commenting on the launch, Anup Bagchi of ICICI Bank said, “We believe that the ‘Merchant Stack’ offers the most holistic array of banking and value-added banking services for the retail merchant ecosystem. Our research shows that this segment requires digital and instant account opening, multiple digital collection options in one place and quick working capital availability, among others."
He further added, "All the solutions are available on our mobile application, InstaBiz. We have also leveraged advanced analytics to use various parameters of POS (Point of Sale) transactions to offer instant overdraft and settlement of the swipes.”
Some of the major features/solutions under Merchant Stack which claims to be "one single place for retailers" include —
1) A new account named, ‘Super Merchant Current Account.’
2) Two instant credit facilities called ‘Merchant Overdraft’ and ‘Express Credit are based on POS transactions.
3) ‘Digital Store Management’ facility to help merchants take their business online.
4) Exclusive loyalty rewards programme.
5) Value-added services like alliances with major ecommerce and digital marketing platforms for expansion of online presence.
The launch of the 'Merchant Stack' has come in a year after the launch of ‘ICICI Stack,' another endeavour by the bank to offer retail customers all digital banking services on one platform.