Axis Bank taps Open to launch digital current accounts for businesses
India’s Axis Bank has partnered with digital banking enterprise Open to provide a fully native digital current account for businesses including SMEs and freelancers.
Axis Bank partners Open for digital current accounts
Axis Bank says the digital current account product will help customers save a “significant” amount of time and effort as the authentication process will be completely digital using video KYC (know your customer). The bank adds that customers will have access to over 250 banking services, including up to 50% cashback deals.
The partnership, Axis Bank’s first with a fintech player, will also open up access to Open’s digital banking platform for all Axis Bank account holders, the firms say.
“Business banking is opening up to newer and niche segments like homepreneurs, influencers etc., and we look forward to creating tailored products for them in partnership with Axis Bank,” says Open’s co-founder and CEO, Anish Achuthan.
“We will further work on integrating value-add services like term loans, revenue-based financing and more for these users.”
Axis Bank is the third largest private sector bank in India, offering banking services to individuals as well as businesses of all sizes.
Founded in 2017, Open Financial Technologies is a fintech digital banking enterprise that runs SME neo-banking platform Open Money, embedded finance platform Zwitch and enterprise digital banking platform for banks BankingStack.
