YES BANK collaborates with Zaggle to launch Next-Gen Corporate Credit Card

2024-11-24 03:34:09 Business

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Mumbai, August 25, 2023: YES BANK announced the launch of an innovative co-branded Corporate Credit Card in collaboration with Zaggle, a leading player in spend management, with a differentiated value proposition and diversified user base.

Christened 'YES BANK Zaggle Corporate Credit Card', the proposition marks a significant step in YES BANK's journey towards ushering in a digital revolution by empowering businesses to reimagine their payment processes, streamline reconciliation, and efficiently manage company expenditures.

The card will empower businesses to bring in greater cost efficiencies by facilitating an integration with Zaggle's ZatiX, a spend management and analytics platform, thereby allowing corporates to optimise cash outflows.

In an era where India's corporate landscape is rapidly expanding, strategic financial tools play a pivotal role in facilitating growth. A substantial portion of a company's budget is often allocated to travel and entertainment expenses, posing considerable management challenges. The YES BANK Zaggle Corporate Credit Card presents an innovative solution by granting businesses direct authority over company expenses. This includes the ability to set individual spending limits, place merchant category restrictions, and implement various other controls. Moreover, cardholders are entitled to a range of exclusive benefits, spanning from rewards and golf privileges to lounge access and travel insurance.

Speaking on the launch of the corporate credit card, Mr. Rajan Pental, Executive Director, YES BANK said, "We, at YES BANK are constantly looking to bring forth innovative banking solutions for corporate and retail customers. The partnership with Zaggle enables businesses to bring in operational efficiencies by allowing them to undertake banking transactions, manage company expenditures as well as keep track of all business-related overheads on a single platform. The co-branded card is a compelling proposition that offers upfront savings on business spends, along with the privilege of offering rewards on both spends and repayments on a large list of business expense categories. We will continue to explore avenues of co-creating more of such innovative propositions."

Mr. Avinash Godkhindi, MD & CEO, Zaggle said, "The corporate T&E space is ripe for disruption as businesses increasingly demand real-time analytics to better manage spends, an industry need that we believe remains unmet. Zaggle ZatiX, deeply integrated with the YES BANK Zaggle Corporate Credit Card aims to addresses this need, to empowering businesses, and provide CFOs with the certain tools they need for intelligent spend decision making to assist with strategically controlling costs and optimally managing cash flow. Zaggle ZatiX a spend management and analytics platform, which helps businesses to bring in greater cost efficiencies."

This partnership builds upon the long-standing relationship between Zaggle and YES BANK in the prepaid card space, which started in 2016, has consistently aimed to provide ground breaking prepaid card solutions tailored to businesses.

YES BANK's track record in the fin-tech space is characterized by strategic tie-ups and initiatives that have fuelled the growth of start-ups by empowering them to thrive on the back of best-in-class banking solutions. This partnership stands as a testament to YES BANK's digital prowess, and shall contribute to the success of businesses in the digital era.

About YES BANK

YES BANK is a full-service commercial bank providing a complete range of products, services, and technology-driven digital offerings, catering to retail, MSME, and corporate clients. YES BANK operates its investment banking, merchant banking, and brokerage businesses through YES SECURITIES, a wholly-owned subsidiary of the Bank. Headquartered in Mumbai, it has a Pan-India presence including an IBU at GIFT City and a Representative Office in Abu Dhabi.

About Zaggle Prepaid Ocean Services Limited (Zaggle)

Zaggle is a leading player in spend management, with a differentiated value proposition and diversified user base (Source: Frost & Sullivan Report). Incorporated in 2011, the company operates in the business-to-business-to-customer segment and is amongst a small number of uniquely positioned players with a diversified offering of financial technology products and services. It has one of the largest number of issued prepaid cards in India in partnership with certain of its banking partners (12.7% of the country's total prepaid transaction value as of March 31, 2022). Zaggle collaborated with three banking partners; i.e., IndusInd Bank Limited, YES BANK Limited and NSDL Payments Bank Limited; and has issued more than 45 million co-branded prepaid cards since inception of its business. It has a diversified portfolio of software as a service, including tax and payroll software, and a wide touchpoint reach. Zaggle is sector-agnostic, and its network of corporate customers covers the banking and finance, technology, healthcare, manufacturing, FMCG, infrastructure and automobile industries, among others, where it has relationships with brands such as TATA Steel, Persistent Systems, Vitech, Inox, Pitney Bowes, Wockhardt, MAZDA, PCBL (RP ? Sanjiv Goenka Group), Hiranandani group, Cotiviti and Greenply Industries. Zaggle partnered with and has entered into arrangements with DBS Bank, Fibe (formerly, EarlySalary) and Tata Securities to offer their products and value-added services, including insurance, investment and tax planning, to its Users on their platform.