News Desk, News Nation 360 : At the most recent GFF event, Axis Bank—one of the biggest private sector banks in India—unveiled two cutting-edge, first-of-its-kind digital solutions. With the use of Unified Payments Interface (UPI) technology, the Bank introduced the "UPI-ATM," an integrated Android cash recycler that allows cardless cash withdrawals and deposits. Additionally, it introduced "Bharat Connect (formerly BBPS) for Business," a joint venture with Bharat BillPay Limited (NBBL), an NPCI subsidiary. This will give companies a complete solution to effectively handle their working capital requirements at different supply chain stages and simplify accounts payable and receivable. Axis Bank has introduced two groundbreaking digital banking solutions: the Android Cash Recycler and Bharat Connect for the B2B ecosystem. The Android Cash Recycler, a first-of-its-kind device, leverages Android technology to provide a user-friendly experience for customers. It enables both Interoperable Cardless Cash Deposit and Interoperable Cardless Cash Withdrawal transactions using any UPI-enabled application and offers a wide range of banking services. Bharat Connect, on the other hand, is an industry-first interoperable, seamless, open loop ecosystem that digitizes the flow of funds in the B2B space. By integrating multiple business applications, it streamlines accounts payables/receivables, partner onboarding, orders, payments, and working capital. The availability of financing within this ecosystem is a game-changer that will provide significant benefits to businesses. These innovations demonstrate Axis Bank's commitment to digital transformation and its efforts to provide cutting-edge banking solutions to its customers. Speaking on the occasion, Rajiv Anand, Deputy Managing Director, Axis Bank, stated that their objective is to lead the way in innovation and offer our clients state-of-the-art solutions. The development of banking services has undergone a radical shift because to these two cutting-edge digital technologies. It is a forward-thinking endeavour to streamline transactions and make banking more accessible and convenient than ever before, not just an improvement in ATM technology.
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