ICICI Bank attains efficiency in vendor invoice issuance using emSigner
INDUSTRY
Banking and financial
LOCATION
India
CHALLENGES
Facing delays in receiving vendor invoices and associated claim settlement Solution. Lengthy manual signing process which escalated in terms of cost.
SOLUTION
Automate vendor invoice issuance and associated claim settlement process while going paperless. Post implementation, vendors were able to send digitally signed documents, which would be automatically checked for legal validity and correctness, directly by the Corporate Office in no time.
BENEFITS
- Error-free and timely vendor invoice issuance
- Shortening the turnover time for processing claims using bulk signing feature
Case summary
ICICI bank is an Indian multinational banking and financial services company. The banks offers a wide range of banking products and financial services for corporate, retail customers and specialized subsidiaries in the other areas of investment banking.
ICICI Bank found that their vendors where facing delays in receiving vendor invoices and associated claim settlement. The whole process was a lengthy one where the vendor had to take a copy of the claim, manually sign and courier it to ICICI Bank. Thereafter it was collected, verified and processed manually by the company. Additionally, this entire process escalated the costs.
Why ICICI BANK chose emSigner
Realizing the need to automate this process, ICICI Bank used emSigner that would automate the vendor invoice issuance and associated claim settlement process while going paperless. The integration allowed distributors to use emSigner with the capability of having multi-party and real-time signing of a sales claim. In a phased manner, ICICI Bank and eMudhra started integrating all the internal as well as external applications linked to claim processing with emSigner to facilitate the digital signing of associated claim documents.
Post-implementation, authorities at ICICI Bank were able to combine the distributor’s existing unique identification code with their digital signature and upload the signed claims into the company’s portal. These were automatically checked for legal validity and correctness by the Corporate Office and allowed distributors to have better visibility by tracking the status of the signature process (Signed/Pending/Completed/Declined) in real-time.