Marg ERP limited, India’s leading Enterprise Resource Planning (ERP) company, on Monday, has announced that it has joined hands with State Bank of India to offer an integrated payments platform to Micro, Small, and Medium Enterprise (MSME) customers, using Marg ERP accounting software.
Primarily aimed towards ushering increased financial inclusion of Indian firms, this collaboration aims to enable SBI’s current account holders to securely connect their bank account with the MARG ERP software and offer a variety of digital transactions from within the ERP platform.
This promising initiative significantly enhances convenience for MSMEs as they are no longer required to toggle between a banking platform and ERP software to undertake their business transactions. It allows them to experience connected banking by connecting their banking and accounting via the Marg ERP platform.
The Chief Managing Director of Marg ERP, Thakur Anup Singh said, “Marg ERP Ltd. in its lifetime has given many new dimensions to the Pharma & FMCG industry, of which connected banking is one. In 2018, Marg collaborated with ICICI Bank for the very first time on some such API which is known today as Connected Banking. Marg ERP was the first to integrate ERP with Bank for online banking during creating payment vouchers. We have provided this achievement to our customers free of cost. Today people are selling this in the name of Neo Banking and shedding handsome amounts from vendors’ pockets. Stepping ahead in the direction of development we are collaborating with one of the largest public sector banks i.e. State Bank of India and in near future, we aim at collaborating with at least 14 major banks. With a smoothly connected banking experience, the merchants can now create vouchers in the software itself & the payment is done directly from the bank. This will create ease of doing business for all small & medium enterprises.“
This tie-up will address many of the complexities related to customers’ payables and accounting; it will enable them to initiate RTGS, NEFT, and IMPS transactions directly from Marg ERP’s platform. The customers just need to register their SBI’s current account on Marg ERP software through a simple one-time process. SMEs and MSMEs in the country can now leverage the power of Integrated Banking, save time and increase productivity with the trust of SBI. We are proud & extremely confident to be associating with State Bank of India,”Thakur Anup Singh, CMD, Marg ERP Ltd.
The collaboration will enable millions of SBI customers to initiate vendor and salary payments via Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), or Immediate Payment Service (IMPS) directly from Marg ERP software. The users will be able to automate bank reconciliation and accounting entries, schedule future dated payments as well as apply for working capital loans, thereby offering exemplary control over day-to-day financial transactions for SMEs & MSMEs.