Connected Banking with ICICI Bank

Zoho partners with ICICI Bank, one of the largest banks in India, to help businesses make payments directly from Zoho ERP without logging in to the ICICI Bank CIB (Corporate Internet Banking) portal. Businesses can now manage vendor payments, GST payments, employee reimbursements, and employee salary deposits from a single platform.

Benefits of the Integration

• Pay vendors’ bills directly from Zoho ERP.
• Make advance, bulk, and GST payments.
• Reimburse employee expenses from Zoho ERP.
• Disburse employee salaries with direct deposits.
• Fetch direct bank feeds and reconcile statements quickly.

Connect to ICICI Bank

Connect your corporate bank account to Zoho ERP by following these simple steps:

1. Setup

• Go to Settings, and click Vendor Payments or under Online Payments.

To continue setting up the integration, choose one of the following based on your ICICI Bank account status:

You are a new user to ICICI Bank:

• Request for a new current account by clicking Open a New Current Account under ICICI Bank.
• Enter your name and contact details in the screen that follows.
• Read and agree to the terms and click Proceed.

You will be redirected to ICICI Bank to complete the setup. (The bank executives might get in touch with you to complete the process.) Once that’s done, you can set up the integration using your User ID and Corporate ID.

You are an existing user of ICICI Bank:

• Click Set Up Now under ICICI Bank.
• In the pop-up that appears, enter your CIB Portal Login ID if you’ve created one in the portal. If you haven’t created one earlier, enter your credentials in this format: CorporateID.UserID.
• Enter your Corporate ID and User ID. You can find them both in ICICI’s CIB portal under Profile > Personal Details.

• Click Save.

You will have initiated the integration.

2. Verify Documents

After initiating the integration in Zoho ERP, you will need to contact your bank or relationship manager to complete the document verification process. You will be required to submit the documents communicated by the ICICI Bank representative for verification. Once you’ve submitted your documents, please wait for your bank or relationship manager to confirm that the verification is complete.

3. Approval

After verifying the documents, you need to approve it in the CIB Portal. Until then, your Account Status will be Pending.

To approve the integration:

• Click Approve in ICICI Bank CIB Portal under the Pending Activities section.

• Click Proceed and you’ll be redirected to the CIB login page.
• Enter your ICICI Bank CIB Portal Login ID and Password.

• Click Proceed to login.
• Go to Connected Banking and click the Connected Banking Approvals tab.
• Check the box near the Corporate ID and User ID that you would like to approve.
• Read the Terms and Conditions and click Approve.
• In the screen that follows, enter the One Time Password sent to your registered mobile number and click Confirm.
• Check the status of the integration in Zoho ERP by clicking Check Status in the Vendor Payments tab.

Once the integration is active, you will receive a notification in Zoho ERP, and your account status will be Active.

4. Select Bank Account

Once your integration is active, select your primary account to make payments under the Pending Activities section in the Vendor Payments tab.

• Click Select an Account under ICICI Bank.
• Click the dropdown in the Bank Account to Make Payment field and click + Add New to include a new account (or choose your existing ICICI Bank account).
• Enter your bank account details in the pop-up and click Save and Select.

This account will be your default account while initiating payments.

Add Vendor and Employee Bank Accounts

Once you have integrated, you can add your vendor and employee bank account details to start making payments.

To add the vendor’s bank account details:

• Go to Purchases and then Vendors and select the particular vendor.
• Click the More dropdown and select Add Bank Account.
• Enter the vendor’s bank account details in the pop-up that appears.
• Click Save.
• You will have added your vendor’s bank account details.

To add employee bank account details:

• Go to the People module and navigate to the Employees tab.
• Select the particular employee or create a new employee.
• In case of a new employee, enter all the details in the employee profile, such as Basics, Salary Details, Personal Info and mark the payment mode as Direct Deposit in Payment Info section.
• Enter the bank account details and click Save and Continue. The IFSC will be verified once you enter it.

For existing employees, edit and update the payment mode to Direct Deposit.

Make Payments via Zoho ERP

Once you have added your vendors’ and employees’ bank account details, you can start making payments. Here are the supported fund transfer types:

• ICICI Fund Transfer: Transfers funds immediately to other ICICI Bank accounts (24/7).
• IMPS: Transfers funds below ₹5 lakhs instantly to all bank accounts (24/7).
• NEFT: Transfers funds to all bank accounts in batches during bank working hours.
• RTGS: Transfers funds exceeding ₹2 lakhs instantly to all bank accounts during bank working hours.

Make Vendor Payments

Make Individual Bill Payment

Make quick payments to your vendors when a bill is received and settle dues. To start making payments:

• Go to Purchases and navigate to Bills.
• Select the bill for which you need to make the payment.
• Click Pay via ICICI Bank in the options on the top bar.
• Enter the payment details in the pop-up that appears.

• Click Proceed.
• In the following screen, enter the OTP (One Time Password) sent to your registered mobile number.

• Enter the Token, generated in your ICICI Bank CIB portal to initiate payments.
• Click Submit to initiate your payment.

The payment will be initiated, and the status of your payment will be either Cleared or Uncleared in the Payments Made tab based on the transaction type and the approval workflow you’ve chosen.

Make Multiple Bill Payments

You can make payments for multiple bills at once to a single vendor using this integration. Here’s how:

• Go to Purchases and navigate to Payments Made.
• Click + New and select a vendor, and all their associated bills will be listed.
• Click Initiate Payment via ICICI Bank and enter the other details.
• Click Initiate Payment and enter the One Time Password(OTP) sent to your registered mobile number on the screen that follows.
• Enter the Token, a unique 4-8 digit number used to initiate payments through your ICICI bank account securely.
• Click Submit.

The payment will be initiated from Zoho ERP.

Make Advance Payments

To make advance payments:

• Go to Purchases and navigate to Payments Made.
• Click + New and navigate to the Vendor Advance tab.
• Choose the vendor for whom you would like to make payment and select the option Initiate Payment via ICICI Bank.
• Enter all the tax-related details such as the Source and Destination of Supply, Reverse Charge, and TDS.
• Enter the payment details and click Initiate Payment.
• Enter the One Time Password(OTP) sent to your registered mobile number.
• Enter the Token, a unique 4-8 digit number used to initiate payments through your ICICI bank account securely.
• Click Submit.

Your payment will be initiated.

Direct Deposit Employee Salaries

Once you have added your employee’s bank account details, you can start crediting salaries to the employees’ accounts.

• Go to Payroll and navigate to the Payruns tab.
• Generate a new pay run for the particular period and approve it.
• Click Initiate Payment. The payment status will be Yet to Pay.

• Enter the One Time Password (OTP) sent to your registered mobile number.
• Click Make Payment to make the payment.

The salary deposit will be initiated.

Reimburse Employee Expenses

• Go to Travel and Expense and then to the Reports tab.
• Navigate to the Awaiting Reimbursements section.
• Click the report you want to reimburse.
• Click the Reimburse dropdown and choose via ICICI.
• Select the From Account and Transaction Type.
• Click Reimburse.

Approve Transactions in CIB Portal

If you have enabled an approval workflow in your CIB portal,

• Log in to your ICICI Bank CIB Portal.
• Navigate to the Transfers and Bill Payments module in the left sidebar page.
• Go to Transaction Approvals and click Pending on Me or Pending on Others.
• Click the Actions dropdown to Approve or Reject the transactions pending for approval.

Fetch Direct Feeds and Reconcile Bank Statements

This integration allows you to fetch feeds directly from your bank account to your Zoho ERP organisation without any third-party interference.

Go to Settings and click Vendor Payments under Online Payments.

• Click Add Account for Bank Statement next to ICICI Bank.
• Select the bank account and date, and click Add.

Disable the Integration

If you want to stop making payments via your ICICI Bank account from Zoho ERP or change your account details, you can disable the integration.

To disable:

• Go to Settings and click Vendor Payments under Online Payments.
• Click Disable next to ICICI Bank.
• Read the terms and click I understand, disable my integration.