Yes Bank's payment solution for Snapdeal wins at Asian Banker Awards 2016
YES BANK has won multiple awards at The Asian Banker Banker’s Choice and Asian Banker Transaction Banking Awards 2016 programme held in Vietnam
·Best Corporate Payment Project in India 2016 – YES BANK Snapdeal API Banking solution – The Asian Banker Banker’s Choice Awards 2016
·Best Trade Finance Bank in India – The Asian Banker Transaction Banking Awards 2016 (2nd year in a row)
YES BANK implemented a customized API Banking corporate payment solution for Snapdeal which was recognized as the Best Corporate Payment Project in India. YES BANK is the 1st Bank in India to have implemented API Banking solutions and helped Snapdeal reduce Customer Refunds timelines and enabling Instant Refunds (80% within 30 mins and close to 100% in an hour). The award recognizes YES BANK’s ability to use the financial supply chain to add value to partners in the upstream and downstream activities of their businesses and also responding to changing needs of its customers. The Asian Banker also acknowledged the transformational change that YES BANK and Snapdeal are bringing out in their respective industries by leveraging this innovative banking solution. YES BANK had won award in this segment last year as well for its innovative solution to facilitate farmer payouts for HATSUN Agro Product Ltd.
YES BANK’s victory as Best Trade Finance Bank in India was its 2nd successive victory at the Transaction Banking Awards. This demonstrates the Bank’s impressive and sustained progress in offering customized Trade Finance & Service solutions complimented by prudent Risk Management and regulatory compliance, best in class supply chain practices, innovative and differentiated services & solutions to our customers. The Asian Banker Transaction Banking Awards is the most rigorous, prestigious and transparent annual awards programme recognising leadership in the cash management, trade finance and payments industries amongst international financial institutions in Asia Pacific, the Middle East and Africa.
Speaking about the awards, Mr. Asit Oberoi, Group President & Global Head, Transaction Banking Group, YES BANK said “YES BANKers are pleased to receive these prestigious recognitions from The Asian Banker magazine. API Banking is revolutionizing B2B Digitized Banking and YES BANK is proud to be at the forefront of such innovations along with its partners like Snapdeal. This is also the 2nd successive year where YES BANK has been recognized as the Best Trade Finance Bank in India which is a testimony to our expertise in this space. The multiple awards reinforce YES BANK’s leadership in the Transaction Banking and Payments domain which is backed by innovation, technology and robust risk management frameworks.”
Speaking about the award, Anup Vikal, Chief Financial Officer, Snapdeal, said, “Snapdeal is building an ecosystem that powers billions of digital commerce transactions. Refunds form a crucial part of customer experience. With YES Bank's customized API banking corporate payment solution we were able to introduce a truly game-changing service that provides our customers the most seamless and fastest refund facility resulting in a superior customer experience.”
The Asian Banker Awards are widely acknowledged by the financial services industry as the highest possible accolade available to professionals and banks in the industry as recognized in the Asia Pacific region. A stringent three-month evaluation process based on a balanced and transparent scorecard had been used to determine the winners.