Cash Management Services

Industry Specific Solution

Every industry has it’s own dynamics and complexities, requiring customised banking solutions for building business efficiencies and scale. ICICI Bank understands your industry's business model to bring you tailor-made solutions best suited for your industry.


E-Commerce: Refund Management

Business Model

  • E-commerce players have to refund the money in case the customer is not satisfied with the product and places a refund request
  • Existing refund process is cumbersome and time consuming (3-4 days), involving money transfer through bulk NEFT/ RTGS/ Funds Tranfer/ physical delivery
  • Handling of customer queries and escalations from the time of pick up of goods from customer’s place till the time refund amount is credited in the customer’s account

Requirements


  • Payment solution that enables instant payment of refund amount to customers of e-commerce players, with payment alert to both e-commerce player and it’s customer
  • Immediate refund to customer upon return of goods, leading to customer delight and trust

Solution


  • Customer places refund request on e-commerce site/ app
  • Customer mentioned the account number and IFSC code
  • Courier picks up goods from the customer and sends real-time confirmation to E-commerce player
  • E-commerce players ERP triggers payment instruction to ICICI Bank
  • Credit confirmation sent to e-commerce player and it’s customer

Benefits


  • IMPS based payment for immediate credit and confirmation alert
  • Real-time payment possible 24x7, including Sundays and holidays
  • Simple Virtual Private Network (VPN) based integration with the client’s system for 100% process automation
  • Daily MIS for easy reconciliation

 

E-commerce: Physical Delivery Based Model

Business Model

  • E-commerce players provide delivery service where goods are picked up from the supplier and delivered to the customer (e.g. food, grocery, furniture, etc.)
  • Customer places order to e-commerce player, who in turn passes the order to the supplier
  • E-commerce player’s courier picks up the goods from the supplier and delivers the same to the customer
  • The supplier often needs payment or confirmation of payment by e-commerce player before handing over the goods

Requirements


  • Payment solution that eliminates need for courier to carry cash or card to make payment to the supplier while picking up the goods
  • Credit confirmation to the supplier so that goods can be handed over to courier

Solution


  • Customer places order on app/ site of e-commerce player and makes online payment
  • E-commerce player’s triggers order info to the supplier on a shared platform
  • E-commerce player’s ERP simultaneously triggers payment to the supplier using account number or MMID
  • Instant payment credit to suppliers with immediate confirmation alert
  • E-commerce players ERP also triggers the same confirmation on the shared platform (with Tran ID)
  • Courier and supplier receive confirmation on the platform for courier to pick up the order

Benefits


  • IMPS based payment for immediate credit and confirmation alert
  • E-commerce player will have to be connected with courier and supplier through a common platform (application)
  • No need for courier to carry cash or card
  • Instant payment credit to suppliers with immediate confirmation alert
  • No need for supplier to check credit in the bank account. Confirmation alongwith Tran ID can be triggered on the app itself
  • Daily MIS for easy reconcialition

 

Consumer Finance: Bank Account Verification for Disbursement

Business Model

  • Consumer Finance companies are present across major retail stores to finance purchase of goods by individuals at their stores (e.g. Croma, Reliance Digital, Samsung, etc.)
  • In order to obtain approval for loan(s) online, Consumer Finance companies have to verify the bank account of the consumer which is usually done by taking a canceled cheque
  • Since most of the consumers do not carry their cheque book, this leads to delay in the sanction or even loss of sale/ sanction

Requirements


  • Solution that enables real-time online account verification for sanction of loan

Solution


  • Customer opts for finance at the time of purchase
  • Online application sent for approval with Consumer’s account number and IFSC code
  • Consumer Finance company’s system triggers penny payment (Re. 1) to the consumer’s account
  • Instant payment confirmation to the company with consumer details (Account holder Name and Number)
  • Account verification confirmation updated by company on the system and amount sanctioned
  • Consumer collects goods with finance sanctioned

Benefits


  • IMPS based payment for account details verification
  • No need for consumer to give canceled cheque
  • Account holder’s Name and Number will be triggered to the Finance Company by ICICI Bank on real-time basis, post successful credit