State Bank of India taps Aurionpro for iCashpro+ solution
State Bank of India (SBI), a commercial bank based in Mumbai, has signed a six-year deal with fintech firm Aurionpro to leverage its iCashpro+ solution.
SBI selects Aurionpro’s iCashpro+ solution
Developed as a cloud-based cash management and transaction banking platform, iCashpro+ supports a range of services to meet the cash and liquidity management, payment, trade finance, and treasury needs of corporate and commercial banks.
Valued at close to INR 100 crores (around $12 million), the deal includes the licencing and phased implementation of the platform into SBI’s core systems, payments hub, and internal and external platforms, and is due to be carried out over a 12-month period.
The adoption will completely replace SBI’s current cash management product (CMP) platform and will enable interoperability with enterprise resource planning (ERP) solutions, fintechs, and open banking platforms.
Once the initial implementation is completed, the Mumbai-based vendor will supply additional maintenance and support throughout the entire length of the contract.
Ashish Rai, CEO of Aurionpro, says the deal serves the bank’s “quest for digital transformation”, which has been evidenced through its previous deals with Financial Software and Systems (FSS) for its digital payments programme, BEP Systems for lending tech, and ACI Worldwide for ATMs and POS terminals, among others.
