Tuesday, October 10, 2017

Yes Bank Wins Dual Accolades at The Banker Transaction Banking Awards 2017

Yes Bank, India’s fifth largest private sector Bank, won dual accolades at The Banker Transaction Banking Awards 2017, reinforcing its leadership in Transaction Banking. Yes Bank was the ‘Global Winner’ in the Supply Chain Finance categoryand was also adjudged as Transaction Bank of the Year for Asia Pacific. Yes Bank’s win post the thorough assessment done by The Banker is a testament to the comprehensive and industry leading Transaction Banking Solutions provided by the Bank, which leverage best-in-class technology and Innovation.

To win the Transaction Bank of the Year for Asia Pacific, Yes Bank has beaten all major transaction banks, including global banks, who have traditionally dominated the region.

Yes Bank had previously won The Banker Transaction Banking Awards for Payments in 2014 and 2016; along with being awarded the Best Trade Finance Bank in India by The Asian Banker Transaction Banking Awards for 3 consecutive years.

In its Award citation, The Banker mentioned that ‘Yes Bank' has gone beyond traditional virtual account solutions, which were limited to facilitating inward credit and ignored a key client demand for greater ease and automation of reconciliation. Its eCollect solution uses application programming interfaces (APIs) and structured reports to bridge the gap between receipt of funds and reconciliation. eCollect is a plug-and-play solution for faster customer onboarding and eliminates the need for bank involvement in generating virtual account numbers. It also integrates bank and client systems to enable real-time validation, transaction processing and enterprise resource planning updates.’

On Yes Bank being adjudged the Global Winner in the Supply Chain Finance category, The Banker said that Yes Bank’s developments within this space is an impressive example of innovation, and the Bank is utilizing new technology to establish itself as a pioneer in this space.

The Banker’s Transaction Banking Awards are unique in recognizing project-based innovations. The Banker encourages each entrant to not only outline their overall strategy but also provide up to three examples of how the innovation(s) will help improve their clients’ businesses.

Over the years, Yes Bank has been scaling up its market position to emerge as a leading and prominent bank offering a full suite of supply chain financing products using its first-in-the-industry API Banking solutions.

On receiving the prestigious recognitions, Asit Oberoi, Group President and Global Head, Transaction Banking Group, Yes Bank, said: “We are honoured to receive such a prestigious and significant global recognition from the world’s leading banking publication, The Banker. This dual win demonstrates the Bank’s impressive and sustained progress in offering customized Trade Finance & Cash Management Services. This complimented by prudent Risk Management and regulatory compliance has ensured that we offer consistent and seamless solutions to our Corporate Clientele. We had invested significantly in technology in our quest to be ahead of the curve in terms of Innovative and differentiated services. We feel vindicated having pursued such a strategy. These awards reaffirm Yes Bank’s mission of breaking technological barriers to provide superior customer experience.”

The Transaction Banking Group at Yes Bank is a core product group focused on Financial Supply Chain Management of Corporates, both International and Domestic, comprising Trade Finance & Services and Cash Management Services (CMS). The Trade Finance & Services product portfolio focuses significantly on Working Capital requirements across large and small Corporates (including the government and SMEs).

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