Unlock the Best: 3 Features of SBI Bank Connected Banking for Streamlined Business Payments

As business owners and accountants have embraced online accounting software to reduce paperwork, they still face challenges like:

1. Chasing Customer Payments: The ongoing pursuit of timely payments and UTR verification.
2. Reconciliation Hassles: The need to switch between e-statements and accounting software for reconciliation.
3. Managing Multiple Current Accounts: Handling numerous current accounts without a unified cash flow overview.

To address these challenges, SBI Bank, India's largest public sector bank, has partnered with OPEN, a business payments platform, to offer integrated solutions through SBI Bank Connected Banking offering.

What is SBI Bank Connected Banking?

SBI Bank Connected Banking provides a comprehensive platform for seamlessly linking SBI Current accounts with leading accounting tools like Tally, ZOHO, and Microsoft Dynamics via OPEN's business payment platform. This integration streamlines cash flow management, simplifies bookkeeping and reconciliation, and accelerates payments and collections.

Here's how SBI Connected Banking with OPEN benefits current account holders:

1. Clear Cash Flow Insights:

• Instant Payment Insights: Access real-time balances and recent transactions across all your SBI accounts on a unified dashboard through OPEN. Retrieve UTR numbers and full e-statements effortlessly.
• Effortless AR & AP Management: Seamlessly track invoices, bills, journal vouchers, debit/credit transactions, and bank balances. Simplify sales and purchase tracking, invoice management, and payment collections.
• Prompt Payment Processing: Use OPEN to gently remind customers of pending payments, ensuring faster payments without straining relationships and eliminating the need for follow-ups.

2. Automated Bookkeeping and Reconciliation:

• Streamlined Accounting Integration: Streamline financial tasks like bill creation, invoice generation, payments, and dues collection within OPEN. All transactions are automatically recorded in your chosen accounting tool, eliminating manual data entry.
• Effortless Reconciliation: Automate reconciliation with OPEN, matching payments and collections from Connected Banking with invoices and bills. Handle transactions like Internet banking payments and cash withdrawals, on the same screen. Identify overlooked entries, such as unaccounted collections, auto-renewals, and more, and easily create journal vouchers in OPEN for automatic generation in your accounting tool.

3. Streamline Payments and Collections:

• Effortless Invoicing: Create custom GST invoices and bills or import them from your accounting tool to OPEN. Send invoices to customers with payment links and various payment methods (NEFT, IMPS, RTGS, UPI).
• Efficient Beneficiary Management: Add multiple beneficiaries from the OPEN platform with minimal wait time, simplifying the process.

The partnership between OPEN and SBI Bank also offers additional perks for SBI Current Account holders, including expense tracking, payroll management, effortless e-invoicing, and seamless GST filing.

To embrace this transformative solution and experience connected banking firsthand, read the full blog here

Try it Yourself »

I am an enthusiastic financial writer who always collects the latest trends in the financial sector and distributes information about it using content pieces such as blogs.