Axis Bank Launched ‘NEO For Business’ Banking Platform For MSMEs

In a strategic move to cater to the evolving needs of Indian Micro, Small, and Medium Enterprises (MSMEs), Axis Bank has recently unveiled its groundbreaking Transaction Banking platform, ‘NEO for Business.’ This innovative digital offering is designed to comprehensively address the real-time requirements of MSMEs, marking a significant milestone in the landscape of business banking in India.

A Visionary Approach to Business Banking

Neeraj Gambhir, Axis Bank’s Group Executive and Head of Treasury, Markets, and Wholesale Banking Products, highlighted the rapid evolution in MSME business banking, emphasizing the need for a holistic solution to address both banking and non-banking needs. He stated:

• ‘NEO for Business’ offers a resolution to their diverse requirements by offering a wide range of products and services through a unified platform.
• This platform, originally designed for corporate banking clients, delivers a full array of digital banking products and services.
• Within this ecosystem, ‘NEO for Business’ emerges as an innovative solution tailored to cater to the distinct business needs of MSMEs.

Transforming MSME Transaction Banking

Vivek Gupta, President and Head of Wholesale Banking Products at Axis Bank, highlighted the distinctiveness of ‘NEO for Business.’ He stated:

• “NEO for Business” is built to create a distinctive first Transaction Banking platform for MSMEs.
• It has a contemporary UI/UX along with bank-grade security features.
• NEO for Business,  will  transform the Transaction Banking landscape for MSMEs by creating a strong digital ecosystem to solve all the evolving needs of MSMEs.

Key Features of Axis Bank’s NEO for Business

The ‘NEO for Business’ platform is a game-changer for MSMEs, offering a comprehensive suite of Banking and Beyond Banking features that enhance convenience and productivity. Some of its key features include:

1. Digital Self On-boarding

With NEO for Business, MSMEs can easily onboard themselves onto the platform digitally, eliminating the need for physical visits to a bank branch.

2. Bulk Payments

The platform facilitates bulk payments, streamlining the process for businesses that require frequent and large-scale payment transactions.

3. GST Compliant Invoicing

NEO for Business ensures GST compliance in invoicing, helping businesses manage their tax-related documentation effortlessly.

4. Payment Gateway Integration

Integration with payment gateways simplifies online transactions for MSMEs, enabling them to accept payments securely.

5. 360° Customer View

Users gain access to a comprehensive view of their financial data, enabling better decision-making and financial management.

6. End to End Transaction Tracking

Businesses can track their transactions from initiation to completion, ensuring transparency and accountability.

7. Auto Reconciliation

NEO for Business automates the reconciliation process, reducing errors and saving valuable time for MSMEs.

8. Recurring Collections

For businesses that rely on recurring payments, the platform offers tools to efficiently manage collections.

9. Cash Flow Reports and More

Detailed cash flow reports and a range of additional features empower MSMEs with insights to optimize their financial operations.

With these distinctive features, MSMEs can now enjoy enhanced convenience and productivity, completing their banking transactions ‘on the go’ without the need to visit a physical bank branch.

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