Axis Bank Launches One-stop Cash Management Proposition to Automate Receivables

• First-of-its-kind digital banking solution for corporates

• Simplifies and automates reconciliation of receivables

• Accelerates cash flow and reduces cost of doing business

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Axis Bank becomes the first Indian bank to launch Axis Receivables Suite (ARS)-an innovative Cash Management proposition that simplifies Receivables reconciliation, accelerates cash flow, enhances client experience and reduces cost of doing business. ARS is an end-to-end proposition, along with a mobile app to automate reconciliation of receivables against sales invoices raised by clients.

Using ARS, Axis Bank clients can customize and automate fully what has traditionally been a very time consuming, costly, manual and error-prone activity. Clients also benefit from knowing their upcoming/pending payments and gives them real-time control over all their receivables.

On the launch of ARS, Vivek Gupta, President & Head-Wholesale Banking Products, Axis Bank said, "Our efforts have been to continuosly bring market leading digital Transaction Banking propositions like ARS that transformationally benefit our clients to enhance their experience and to help with optimising their Working Capital."

Ramesh Nair, CFO, APAR Industries Ltd. said, "We see this as a transformational initiative by Axis bank which will help APAR become more efficient in accounting of collections & reconciliation of our receivables. This proposition is aligned with our goal to provide improved experience across our supply chain."

About Axis Bank
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,759 domestic branches (including extension counters) and 10,161 ATMs across the country as on 30th June 2022, the network of Axis Bank spreads across 2,702 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation.

For further information on Axis Bank, please refer to the website: www.axisbank.com.