- Partnership Announcement: State Bank of India (SBI) has entered into a six-year deal with fintech firm Aurionpro to implement its iCashpro+ solution.
- iCashpro+ Solution: Aurionpro’s iCashpro+ is a cloud-based cash management and transaction banking platform designed to meet the needs of corporate and commercial banks in areas such as cash and liquidity management, payments, trade finance, and treasury.
- Deal Value and Scope: The deal, valued at close to INR 100 crores (approximately $12 million), includes the licensing and phased implementation of the iCashpro+ platform into SBI’s core systems, payments hub, and internal and external platforms over 12 months.
- Interoperability and Replacement: The adoption of iCashpro+ will completely replace SBI’s current cash management product (CMP) platform and enable interoperability with enterprise resource planning (ERP) solutions, fintechs, and open banking platforms.
- Maintenance and Support: Aurionpro will provide additional maintenance and support services throughout the entire duration of the six-year contract once the initial implementation is completed.
- Digital Transformation: Ashish Rai, CEO of Aurionpro, highlights that the deal aligns with SBI’s pursuit of digital transformation, evidenced by its previous collaborations with other technology providers for digital payments, lending technology, and ATM/POS terminals.
