India is taking giant strides towards globalization and is set to regain its tag as the world’s fastest growing large economy in 2018. As the Corporates – large and small, capitalize on this opportunity – are looking for tools for enhancing efficiencies in their Working Capital Management. The Government of India’s vision of a “Digital India” coupled with NPCI’s leadership in developing the payment systems in India have provided an unprecedented opportunity to Corporates for digitizing their financial transactions and benchmarking their treasury management with the best-in-class practices globally.
Baroda DigiNext, the Cash Management solution launched by Bank of Baroda today, aims at bringing the benefits of this new digital landscape to its Corporate and Government customers by seamlessly connecting them with their customers, suppliers, employees and revenue departments thereby automating the management of Working Capital cycle. The system will provide rich analytics, dashboards and reports enabling focus on metrics that matter e.g. cash forecasting, daily sales outstanding, credit exposures and so on.
The Bank’s wide network of branches provides convenient options for depositing receivables – cheques, cash and electronic in a cost effective way. This is complemented by features like online authentication, search options, advising and reconciliation for accelerating the cash application process. The system will bring efficiencies and controls in the payables process by seamlessly integrating with ERP / accounting systems resulting in straight through processing and delivery of an automated email / SMS advice to suppliers on the invoices paid. The use of single collections and payments account and an automated rule based cash concentration will eliminate idle balances from the system. The Cash Management solutions will be delivered through Baroda DigiNext – the Bank’s new connectivity solution providing omni-channel access and ease in customization as per Corporate’s business process.
Mr. Mayank K Mehta, Executive Director, Bank of Baroda briefing about the product said, “Corporate world is always on the lookout for new techno-based banking products helping them managing their businesses in the most efficient manner, particularly managing cash-flows from time-to-time. Bank of Baroda, appreciating the needs of techno-based products for Corporate Clients, has been bringing new product solutions for them. Baroda DigiNext- is one such technology based product which is a Comprehensive system to help our customers manage their realization/payments for electronic receipts & payments, cheque and cash receivables and thereby leading to Optimization of working capital and predictability in cash-flows.”
While launching the product, Mr. P S Jayakumar, MD & CEO, Bank of Baroda mentioned “Technology continues to transform the financial services industry. Corporates expect any bank to deliver banking services in innovative ways, and to provide digital channels to help them communicate, execute, and manage funds. To keep pace with these requirements, we continue to bring and update new technology in Corporate Banking business.”
Narration of the photograph: The Top Management of Bank of Baroda, (L-R) Shri Nagesh Srivastava, General Manager & Head – Corporate & Institutional Relations, Shri Mayank K Mehta, Executive Director, Shri P S Jayakumar, MD & CEO, Shri Ashok Kumar Garg, Executive Director and Shri Saurabh Dalmia, Head – Cash Management Services, launching the “Baroda DigiNext – Cash Management Services”.