Yes Bank taps IBSFintech to digitise services for corporate clients
India’s Yes Bank has teamed up with IBSFintech, a treasury tech solution provider, to digitise services for its corporate clients.
The firms say that the partnership aims to enable paperless communication between the bank and its corporate clients across treasury and trade finance through IBSFintech’s API technology.
Ajay Rajan, country head, transaction banking at Yes Bank, says the firms will work to provide technology solutions “across cash, liquidity, treasury, risk, trade finance and supply chain finance functions of corporations”.
Rajan adds the bank is “focused on co-creating and delivering deeply integrated treasury solutions via IBSFintech’s platform, with the aim to achieve complete digitisation between corporates and banks”.
From issuing fund transfers and forex transactions to completing trade documentation, the entire process will be digitised through IBSFintech’s platform, the firms say.
Based out of Bengaluru, India, IBSFintech has customers across the country along with a presence in international markets such as Singapore and Europe.
Yes Bank is a commercial bank headquartered in Mumbai catering to retail, MSME and corporate clients.
The firm recently raised $1.1 billion in capital from private equity investors Carlyle Group and Advent International, with both companies announcing they have agreed to acquire up to a 10% stake in the bank.