Axis Bank launches digital solutions for Retail & Wholesale Banking

By Gloria Mathias

Axis Bank has introduced two digital solutions at the recently held GFF event. The bank launched ‘UPIATM’, an integrated Android Cash Recycler with Unified Payments Interface (UPI) technology for cardless cash withdrawals and deposits.

It also launched ‘Bharat Connect (BBPS) for Business in partnership with NPCI’s Bharat BillPay Limited (NBBL). This will provide businesses with a comprehensive solution to efficiently manage their working capital needs at various stages of the supply chain and streamline account receivables and payables.

Axis Bank showcased the cash recycler, which leverages Android technology to deliver an intuitive and user-friendly experience. With its technology and user-centric design, the Android Cash Recycler will enable customers to perform both Interoperable Cardless Cash Deposit (ICD) and Interoperable Cardless Cash Withdrawal (ICCW) transactions using any UPI-enabled application.

In addition to features, Android Cash Recycler will offer an extensive range of services such as account opening, credit card issuance, deposits, loans, forex, FASTag, and more, all on a single platform. On the other hand, the introduction of Bharat Connect for the B2B ecosystem is an industry-first, one that leverages the bank’s Bharat Connect platform. This proposition will function as an interoperable, seamless, open-loop ecosystem to facilitate and digitise the flow of funds till the last mile.

It will integrate multiple business applications for clients to streamline their accounts, payables, and receivables. This will enable entities to manage partner onboarding, orders (PO & invoicing), payments, and working capital through invoice-based financing in a more efficient manner. The availability of financing within the ecosystem is a game changer and will yield significant benefits for clients. This initiative by Axis Bank marks an essential milestone in the evolution of digital banking in India.

Rajiv Anand, Deputy Managing Director, Axis Bank, said, “Our goal is to be at the forefront of innovation, providing cutting-edge solutions to our customers. These two innovative digital technologies mark a transformative step in the evolution of banking services. It’s not just an advancement in ATM technology; it is a forward-thinking initiative to simplify transactions and make banking more accessible and convenient than ever before. Additionally, our association with NBBL to provide Bharat Connect for Business reflects the bank’s continued commitment to expand the NBBL ecosystem to address varied and evolving client requirements effectively.’’