Kotak Mahindra Bank recognised for its ability to stay ahead of the market with a differentiated product as it wins the award for Best Cash Management in India at The Asian Banker Transaction Awards 2019
- Strong transaction throughput and financial performance driven by providing a powerful digital experience
- Launched a range of innovative cash management products
- A structured digital collections solution for one of the largest NBFC client
Bangkok, May 30th 2019—Kotak Mahindra Bank received the award for Best Cash Management Bank in India at The Asian Banker Transaction Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.
In the picture: Mathew Welch and Bill Chua; International Resource Directors, Siddharth Chandani; Researcher; The Asian Banker with with Mr. Shekhar Bhandari- Business Head for Global Transaction Services and Precious Metals; Kotak Mahindra Bank; India
Strong transaction throughput and financial performance driven by providing a powerful digital experience
The bank provided integrated digital experience, financial insights and controls, multiple pay and receive channels, end to end liquidity management coupled with speed of on-boarding, processing and servicing to drive numerous initiatives that transformed the cash management business for its clients. Cash management collections product throughput grew at a remarkable rate of 251% over the previous year, with revenues from cash management business increasing 69% in 2018. The bank identified new opportunities in the digital space and created structured solutions in line with customers’ requirements and regulatory changes so as to act as enabler for business. Few of the initiatives include real time integration capabilities, enhanced product offerings in receivable space, focused service and technical support group across customers segments.
Launched a range of innovative cash management products
Kotak Mahindra Bank launched several new product initiatives such as in NACH, bills collections- BBPS, e-commerce acquiring, issuances, liquidity management, UPI, API based solution, over the counter products, government-based initiatives, and structured receivables solution. It designed and created innovative products which are segment specific catering to a particular industry. The bank built a complete e-commerce platform which can be customized as per client’s requirements. The platform offers liquidity and day to day fund management tools, a comprehensive enterprise management receivable platform that specifically caters to e-commerce segment. It has focused attention to partner with fintech companies and offer tailor made solutions as required.
A structured digital collections solution for one of the largest NBFC client
The bank structured a digital collections solution for one of the largest NBFC through a dynamic VPA unique for every customer on Unified Payments India (UPI), a payment mechanism has been widely accepted across merchants or corporates to collect funds from their customers seamlessly. Prior to the solution, the major challenge for the client was to do the reconciliation on the basis the loan repayment number that they provided to the customers. The bank developed a unique solution by partially validating the VPA of the customer which eases the corporate in recon of their receivables. It offered the UPI solution with partial validation on VPA created which enables corporates to track the payments initiated by their customers from their app through a unique reference identity.
The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
For all Business Achievement Awards 2019 photos, please visit https://bit.ly/2WcifTO
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker