ICICI Bank announces interoperability for InstaBIZ business banking app

ICICI Bank said that it has made its InstaBIZ business banking mobile app interoperable to allow its benefits to be availed by all merchants, including customers of other banks.

According to the Indian private sector bank, the initiative enables merchants to create digital collection solutions such as UPI ID and QR code instantly, and begin collecting money immediately from their customers.

The merchants can also apply for Point of Sale (POS) devices digitally. Furthermore, they can convert their shops into an online store in 30 minutes, and apply for a voice messaging device for confirming the receipt of the payments, said ICICI Bank.

Any merchant, irrespective of having a current/savings account with the bank can avail of the solutions by downloading the InstaBIZ business banking mobile app from Play Store and linking their bank account.

The initiative has a fully online and instant Know Your Customer (KYC) process. Owing to this, merchants don’t have to go to any ICICI Bank branch nor do they have to upload any document.

Rather, the initiative utilizes advanced APIs of ICICI Bank that validate PAN/ Aadhaar numbers instantly and digitally for verification of KYC.

Anup Bagchi — Executive Director of ICICI Bank said: “We at ICICI Bank always believe that the self-employed and the MSME segment forms the backbone of the Indian economy. A large part of this segment consists of retail merchants.

“It is our endeavour to support merchants—around two crore across the country– by offering them solutions that make their business easy. With this aim, we were the first to introduce ‘InstaBIZ’, a mobile banking app for businesses, two-and-a-half years ago.

“We believe that the benefits of our products and services should not be restricted only to our customers; those who bank with others should also avail them.”