ICICI Bank Limited has announced the launch of ‘ICICI STACK for Capital Markets & Custody,’ a suite of digital solutions for custodial service clients and Indian capital market participants.
- The digital solutions are intended to provide faster onboarding and convenience to all participants in the Indian capital market.
The solutions would enable diverse sector participants, such as stock brokers, Portfolio Management Service (PMS) providers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDIs), and Alternative Investment Funds (AIFs), to satisfy their banking needs in a seamless manner.
Key Services & Offerings of The Digital Solutions for Entities in Capital Markets & Custody Services:
‘3-In-1’ Account Facility for Stock Brokers and Clients
With the newly launched “3-in-1” account, stock broker clients can quickly and digitally open their online trading, demat, and savings accounts from anywhere in India.
- The service allows stock brokers to integrate their trading and depository systems with the Bank via Application Programming Interface (API), giving them access to real-time information on investor funds available.
Digital Account Opening for PMS Clients
As a custodian, the Bank offers a first-of-its-kind solution for PMS service providers to open savings and demat accounts digitally in a single working day, considerably decreasing onboarding and activation times.
Digital On-Boarding and Pre-Verification of FPI/FDI Clients
The bank’s digital platform has enabled the onboarding and registration of FPIs/FDIs from any country in the world.
- The platform enables FPIs/FDIs to seamlessly upload documents and information for pre-verification, reducing registration and onboarding time to a few days.
Self-Service Portal
Through “Web Custody,” a new component of Corporate Internet Banking, the bank’s self-service portal gives 24×7 digital access to custody assets, transactions, and various reports to Custody Services clients, including PMS, AIF, and Foreign Institutional Investors (FIIs).
- For clients who use derivative clearing services, the Bank also provides access to the “E-Protector” application, a digital dashboard for real-time monitoring of margin utilisation, margin per script, and trade authorisation.
Value Added Services for AIFs
The Bank provides AIFs with a range of services, including fund accounting, foreign exchange (Forex), escrow arrangements, digital collection, and payment solutions.
- Moreover, the Bank provides specially designed escrow services for a range of needs of AIF portfolio companies, including share purchase agreements, share buybacks, mergers, demat escrow, RERA (Real Estate Regulatory Authority) accounts, and credit-linked arrangements.
Digital Collection Solutions
Digital channels like e-collections, e-mandates, e-NACH (Electronic National Automated Clearing House), and Unified Payments Interface (UPI) interfaces are included in the list of digital collection solutions.
Digital Payment Solutions
The Bank offers tailored solutions to capital market players and custodial services to carry out various payments such as exchange pay-in, investor payment, expenditure payment to suppliers, and statutory payout using digital payment solutions.
Recent Related News:
In a first-of-its-kind industry initiative, ICICI Bank Limited, has launched Digital Solutions For Exporters, a comprehensive set of banking and value-added services on a single platform.
The initiative intends to improve operational efficiency of exporters by decongesting the current time-consuming manual procedures.
About the ICICI Bank Limited:
MD & CEO – Sandeep Bakhshi
Headquarters – Mumbai, Maharashtra
Establishment – 1994
