{"id":22153,"date":"2023-07-28T17:49:06","date_gmt":"2023-07-28T12:19:06","guid":{"rendered":"https:\/\/open.money\/blog\/?p=22153"},"modified":"2023-08-11T18:05:09","modified_gmt":"2023-08-11T12:35:09","slug":"sbi-bank-connected-banking","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/sbi-bank-connected-banking\/","title":{"rendered":"SBI Bank Connected Banking: 3 Best SBI Current Account Features You Must Adopt"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Since the boom of digital transformation, transactions have become online and accountants have shifted from piles of ledger books to accounting software.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, business owners and accountants are struggling to unlock the full potential of their SBI current accounts and are still,<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Chasing customer payments <\/b><span style=\"font-weight: 400;\">and cross-verifying the UTR number with customers to ensure payments are received<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Juggling between e-statements and accounting software for <\/span><b>reconciliation<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing multiple current accounts in parallel without a unified overview of their cashflow <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">So, what\u2019s next in transformation?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These digital systems need to be integrated to stay on top of cash flow. Hence, <\/span><b>\u00a0SBI Bank<\/b><span style=\"font-weight: 400;\"> India\u2019s largest public sector bank partnered with business payments platforms such as <a href=\"http:\/\/open.money\">OPEN<\/a>, to launch <strong>SBI Bank connected banking<\/strong> feature for SBI current account users.<\/span><\/p>\n<h2><b>What is SBI Bank Connected Banking?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">SBI Bank Connected Banking is an integrated platform where you can link SBI Current accounts to accounting tools such as Tally, ZOHO, and Microsoft Dynamics through the OPEN <a href=\"https:\/\/open.money\/sbi-connected-banking\"><strong>business payments platform<\/strong><\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now that these solutions are integrated, you can stay on top of your cash flow, automate bookkeeping and reconciliation, and accelerate payments and collections. Let us deep dive into these three hidden gems exclusive to SBI current account users below.\u00a0<\/span><\/p>\n<h2><b>Stay on Top of Your Cash Flow <\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p style=\"text-align: left;\"><b>A complete overview of bank transactions: <span style=\"font-weight: 400;\">As OPEN and your SBI current account are securely linked, you can get instant access to bank balances and the last transactions made.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><\/b><\/p>\n<p style=\"text-align: left;\"><b><span style=\"font-weight: 400;\">Not just of one, but of all SBI current accounts, that too on the dashboard itself.\u00a0 Need to fetch the UTR number of a transaction made 2 weeks back urgently? <\/span><\/b><b><span style=\"font-weight: 400;\">Worry not, get any of the SBI current account\u2019s full e-statement on the OPEN platform itself.<\/span><\/b><\/p>\n<p><b>Auto-tracking AR &amp; AP: <\/b>Invoice, bills, journal vouchers in your accounting tool + debit and credit transactions in your SBI current accounts along with bank balances, will flow seamlessly into the OPEN platform.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<b><br \/>\n<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This gives you the<\/span><b> ability to track<\/b><span style=\"font-weight: 400;\"> sales and purchases better, manage outstanding invoices and bills easier, process payments and collections faster on the OPEN platform.<\/span><\/p>\n<p><b>Get paid faster: <\/b>With OPEN, send reminders to your customers on pending payments. Subtly nudging them would ensure faster payments without affecting the customer relationship. And of course, it eliminates the to-and-fro follow-ups.<\/p>\n<h2><b>Automate Bookkeeping and Reconciliation<\/b><\/h2>\n<p><b>Auto sync with accounting tools: <\/b><span style=\"font-weight: 400;\">Create bills and invoices, make payments, and collect dues on the OPEN platform and that\u2019s it. Because for transactions made on OPEN, an entry will be automatically created in your accounting tool such as Tally, ZOHO Books, absolutely eliminating the data entry work.\u00a0<\/span><\/p>\n<p><b>Auto-reconciliation<\/b>: SBI Bank Connected Banking has unleashed its true power to automate reconciliation. OPEN will automatically match the payments and collections made through Connected Banking with bills &amp; invoices raised.<\/p>\n<p><span style=\"font-weight: 400;\">Now, with this automated, within a blink of an eye, you\u2019ll be left out with the transactions that were not made through SBI Bank Connected Banking. Eg, payments made on Internet banking, cash withdrawals, recurring payments.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Worry not, even these can be matched on the same screen rather than juggling between the banking portal and accounting software.Finally, within a couple of minutes, we\u2019ll find the e-statement entries that go unnoticed such as<\/span><\/p>\n<ul>\n<li><strong>Collections for which receipt entries were not made earlier<\/strong><\/li>\n<li><strong>Auto-renewals <\/strong><\/li>\n<li><strong>And all such unaccounted entries<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For these, easily create a journal voucher in OPEN, and subsequently, a JV will be automatically generated in your accounting tool.\u00a0<\/span><\/p>\n<h2><b>Accelerate payments and Collections\u00a0<\/b><\/h2>\n<ul>\n<li><b>Invoice and bills: <\/b><span style=\"font-weight: 400;\">Easily create branded GST invoices and bills or import them from your accounting tool into OPEN. Send them to your customers with payment links and payment methods (NEFT, IMPS, RTGS, UPI)<\/span><\/li>\n<li><b>Multiple beneficiaries: <\/b><span style=\"font-weight: 400;\">Add beneficiaries from the OPEN platform with a minimal cooling period, making it a one-click process<\/span><\/li>\n<\/ul>\n<h2><b>Bonus Bonanza for SBI current account users\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/open.money\/blog\/make-your-current-account-all-the-more-powerful-with-open\/\">OPEN<\/a> &#8211; SBI Bank partnership also offers a series of value-added services on the same platform, allowing you to handle:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/open.money\/spend-management\">Spend management<\/a>: <\/b><span style=\"font-weight: 400;\">Track business and employee expenses with receipt collection and approvals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b><a href=\"https:\/\/open.money\/payroll\">Payroll<\/a>:<\/b><span style=\"font-weight: 400;\"> Monitor employee reimbursements, leaves, and pay from the OPEN platform directly\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/open.money\/e-invoicing\"><b>E-invoicing:<\/b><\/a><span style=\"font-weight: 400;\"> Easily create invoices and let OPEN generate e-invoices and IRN<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/open.money\/gst-and-tds-filing\"><b>GST filing:<\/b><\/a><span style=\"font-weight: 400;\"> OPEN will calculate GST for inward and outward supplies with GSTR1 ready to file. Additionally, it can fetch GSTR 2A for verification and submit GSTR 3B<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Don\u2019t believe me? check out the proof below.<\/span><\/p>\n<h2><b>SBI Bank Connected Banking is transforming business practices\u00a0<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-22174 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2023\/07\/sbi_CA_blog_image_2-1.png\" alt=\"SBI connected banking\" width=\"1201\" height=\"801\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2023\/07\/sbi_CA_blog_image_2-1.png 1201w, https:\/\/open.money\/blog\/wp-content\/uploads\/2023\/07\/sbi_CA_blog_image_2-1-300x200.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2023\/07\/sbi_CA_blog_image_2-1-1024x683.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2023\/07\/sbi_CA_blog_image_2-1-768x512.png 768w\" sizes=\"auto, (max-width: 1201px) 100vw, 1201px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">To implement this transformation in your business and make connected banking a reality, all you need to do is sign up through the button below. Get your <strong>SBI Bank Connected Banking<\/strong> today.<\/span><\/p>\n<p><a href=\"https:\/\/app.open.money\/register\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-22161 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2023\/07\/CTA_.png\" alt=\"get started \" width=\"161\" height=\"42\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Since the boom of digital transformation, transactions have become online and accountants have shifted from piles of ledger&hellip;","protected":false},"author":56,"featured_media":22165,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","footnotes":""},"categories":[338,1,448,456,6],"tags":[487,457,485,461,486,488],"class_list":{"0":"post-22153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting","8":"category-announcements","9":"category-banking","10":"category-connected-banking","11":"category-finance","12":"tag-business-payments-platform","13":"tag-connected-banking","14":"tag-connected-banking-platform","15":"tag-sbi-bank-connected-banking","16":"tag-sbi-connected-banking","17":"tag-sbi-current-account","18":"cs-entry"},"_links":{"self":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/22153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/comments?post=22153"}],"version-history":[{"count":21,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/22153\/revisions"}],"predecessor-version":[{"id":22323,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/22153\/revisions\/22323"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media\/22165"}],"wp:attachment":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media?parent=22153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/categories?post=22153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/tags?post=22153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}