In a groundbreaking move, Axis Bank has unveiled ‘NEO for Business,’ a cutting-edge Transaction Banking platform exclusively designed to cater to the unique needs of Micro, Small, and Medium Enterprises (MSMEs) in India. This innovative digital solution marks a significant milestone in addressing the evolving banking requirements of MSMEs.
Mumbai, September 22, 2023 – Axis Bank, a pioneer in the banking industry, has launched ‘NEO for Business,’ a pioneering Transaction Banking platform tailored to the specific needs of Indian MSMEs. This digital offering is a first-of-its-kind solution designed to meet the real-time and emerging banking needs of MSMEs, providing a comprehensive suite of services all under one roof.
Neeraj Gambhir, Group Executive and Head of Treasury, Markets, and Wholesale Banking Products at Axis Bank, shared his insights on this groundbreaking development: “The landscape of MSME Business Banking is evolving rapidly, and there is a pressing need for a holistic solution that addresses both banking and beyond-banking requirements. Our approach was to create a platform that offers a wide range of products and services on a single digital interface. ‘NEO by Axis Bank’ was initially launched as a platform for our corporate banking customers, providing a complete suite of digital banking solutions. Within this platform, our newly introduced ‘NEO for Business’ serves as a one-stop destination for the specific needs of MSMEs.”
Vivek Gupta, President and Head of Wholesale Banking Products, further elaborated on the significance of ‘NEO for Business’: “NEO for Business has been meticulously crafted to establish a distinct Transaction Banking platform for MSMEs. It boasts a contemporary user interface and user experience, coupled with robust bank-grade security features. With this feature, we are reshaping the landscape of Transaction Banking for MSMEs by establishing a robust digital ecosystem to address their evolving requirements.”
Axis Bank’s ‘NEO for Business’ platform offers a diverse array of Banking and Beyond Banking features, including:
- Digital Self Onboarding: Streamlined account setup for convenience.
- Bulk Payments: Simplified processing for large transactions.
- GST-Compliant Invoicing: Ensuring adherence to taxation regulations.
- Payment Gateway Integration: Seamlessly connect with payment gateways.
- 360° Customer View: Comprehensive insights into your financial position.
- End-to-End Transaction Tracking: Real-time monitoring for transparency.
- Auto Reconciliation: Automated account reconciliation for accuracy.
- Recurring Collections: Easy management of recurring payments.
- Cash Flow Reports: Detailed financial reports for informed decisions.
With these innovative features, MSMEs can now enjoy unparalleled convenience and productivity, conducting their banking transactions effortlessly and efficiently, all without the need to visit a physical bank branch. ‘NEO for Business’ is set to empower MSMEs across India by providing them with the tools they need to thrive in today’s dynamic business landscape.
About Axis Bank:
Axis Bank Limited offers a comprehensive array of banking solutions across India. The company’s offerings encompass retail banking, investment management, merchant banking, treasury and services for Non-Resident Indians (NRIs), as well as cash and credit management services, along with ATM facilities.
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