Axis Bank launches platform for MSMEs, shares up

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Axis Bank Ltd’s shares were up by 0.57 per cent after the company introduced ‘NEO for Business’, a transaction banking platform tailored for Indian Micro, Small, and Medium Enterprises (MSMEs).

The NEO for Business platform offers features such as digital self-onboarding, bulk payments, GST-compliant invoicing, payment gateway integration, 360° customer view, end-to-end transaction tracking, auto reconciliation, recurring collections and cash flow reports. 

Existing current account customers of the bank can access NEO for Business via a mobile app or web-based digital registration. Initially catering to sole proprietorship entities and individuals within the MSME sector, the platform will soon extend its services to companies, partnerships, and LLPs.

The shares were up by 0.57 per cent at Rs 1,020.70 at 3.10 pm on the BSE.