ICICI launches new digital solutions 03 March 2023India Reporter: Lucy Carter
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Indian private sector bank ICICI Bank (ICICI) has launched a series of digital solutions for capital markets and custody services clients.
The products include a self-service portal for custody services clients offering 24/7 digital access to custody holdings, digital onboarding and pre-verification of foreign portfolio investors and foreign direct investors, as well as a digital account opening for portfolio management service clients.
Customised digital collection and payment solutions are also available, with clients’ existing systems integrated into the service. The use of this service will improve the efficiency of cash flow management, reconciliation and validations, ICICI says.
A ‘3-in-1’ account facility for stockbrokers and clients allows investors to open dematerialised (demat), savings bank and trading accounts simultaneously. Through this system, investors are able to pay only once trades are executed and brokers can see the availability of investors’ funds in real time.
Alternative investment funds can benefit from various value-added services, such as fund accounting, escrow arrangement and digital collection and payment solutions, accessible through ICICI’s fund accounting software.
Sumit Sanghai, head of the large clients group at ICICI, says: “The Indian capital market has witnessed significant growth over the last few years, which can be gauged from the increase in number of demat accounts, rise in assets under management of the mutual fund industry and surge in capital flows into the country.
“We believe that the market will continue to experience robust growth and provide impetus to India’s journey towards becoming a US $5 trillion economy by 2025. The digital set of solutions launched by the bank will help the participants of the capital market and custody services meet regulatory requirements and significantly decongest manual processes, thereby improving their operational efficiency and scalability in business.”
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