The platform will offer digital banking services and application programme interface (API) to retail and business customers
Private lender ICICI Bank has announced the launch of its digital banking platform, ICICIStack to ensure uninterrupted banking experience to customers in the wake of coronavirus.
The platform will offer digital banking services and application programme interface (API) to customers in retail and business industries, which includes retailers, merchants, fintechs, large e-commerce firms and corporates.
To covers all banking needs of customers in one place, ICICIStack is designed to offer about 500 services that includes digital account opening, loan solutions, payment solutions, investments, insurance and care solutions.
ICICIStack offers digital service that enables instant opening of savings account along with an instant FD or instant PPF
ICICI Bank claims that ICICIStack offers the first digital service that allows instant opening of savings account along with an instant fixed deposit (FD) or instant public provident fund (PPF), among others.
ICICI Bank executive director Anup Bagchi said: “We have been working on ‘ICICIStack’ in order to offer customers all digital banking services from one single platform for the past few years. ICICIStack is the result of an evolving and pioneering journey to build digital solutions and large capacity to fulfil the vision of Digital India.
“In the wake of the coronavirus outbreak over the past few weeks, we have added a host of new features and services to our customers so that they can experience the banking services uninterrupted.”
ICICIStack’s features include accounts stack, payments stack, loans stack, investment stack and care stack.
Accounts stack includes services such as instant digital savings account with FD, PPF; instantly available salary account, current account, travel card, bill pay solutions.
It comprises APIs like connected banking with ERP softwares, account management and digital on-boarding of partners.
Payments Stack provides digital payments and payout services such as UPI, QR scan and pay, merchant settlement and customer cashback, refund transactions, EazyPay merchant app and digital on-boarding of merchants
Under the loans stack, APIs include e-Nach based mandate, instant loan booking, disbursement to partner accounts for car loan or education loan, disbursement to customer account.