Axis Bank launches NEO for Business transaction banking platform for MSMEs

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Axis Bank has launched a transaction banking platform for the Indian Micro, Small and Medium Enterprises (MSMEs) called NEO for Business. According to the company's statement, it will cater to the "real, current, and emerging" transaction needs of Indian MSMEs.

The NEO for Business platform offers features like digital self on-boarding, bulk payments, GST compliance invoicing, payment gateway integration, end-to-end transaction tracking, auto reconciliation, cash flow reports, and recurring collections, among others. 

India currently has over 65 million MSMEs, which contribute over 30 per cent to India's gross domestic product (GDP).

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"The MSME Business Banking landscape is evolving rapidly, and there is a need for a comprehensive solution for all their Banking and Beyond Banking requirements," said Neeraj Gambhir - Group Executive and Head - Treasury, Markets and Wholesale Banking Products, Axis Bank.

"'NEO by Axis Bank' was launched as a platform for our corporate banking customers, offering a complete suite of digital banking products and services. Within this platform, our newly launched 'NEO for Business' is a one stop solution for the business requirements of MSMEs."

'NEO by Axis Bank' offers a range of products and services for its corporate customers and clients, including internet banking, mobile app and APIs.

Vivek Gupta - President and Head - Wholesale Banking Products, Axis Bank, said, "It has contemporary UI/UX along with bank-grade security features. Offered out of the shelf, beyond banking features are at the core of NEO for Business. While conventional internet banking platforms in the industry offer plain vanilla features, beyond banking offerings takes the customer value proposition to the next level. With NEO for Business, we will continue to transform the transaction banking landscape for MSMEs by creating a strong digital ecosystem to solve all the evolving needs of MSMEs."

Who can use NEO for Business?

Existing Axis Bank Current Account customers can use NEO for Business on mobile by downloading a mobile app or through a simple web-based digital registration.

"It currently caters to sole proprietorship entities and individuals who form a considerable part of MSME addressable pool in the industry. Axis Bank will soon be extending the platform to companies, partnerships, and LLPs," the bank said.