visimoney
TLDR:
- State Bank of India (SBI) has signed a six-year deal with Aurionpro for its iCashpro+ solution.
- The deal, valued at close to INR 100 crores, will support cash and liquidity management, payment, trade finance, and treasury needs of corporate and commercial banks.
In a recent development, State Bank of India (SBI) based in Mumbai has partnered with fintech firm Aurionpro to leverage its iCashpro+ solution. This cloud-based cash management and transaction banking platform will cater to several key services to meet the cash and liquidity management, payment, trade finance, and treasury requirements of corporate and commercial banks. The deal, valued at close to INR 100 crores, includes the licensing and phased implementation of the platform into SBI’s core systems, payments hub, and internal and external platforms over a 12-month period.
The adoption of the iCashpro+ system will replace SBI’s current cash management product platform and enable interoperability with enterprise resource planning (ERP) solutions, fintechs, and open banking platforms. This partnership aligns with SBI’s focus on digital transformation, as seen through its previous collaborations with other technology firms such as Financial Software and Systems (FSS), BEP Systems, and ACI Worldwide for various digitalization initiatives. Aurionpro’s CEO, Ashish Rai, emphasized that this deal underscores SBI’s commitment to digital transformation and enhancing its technological capabilities in various banking functions.
