 Early Times Report
SRINAGAR, June 24: Strengthening its digital capabilities to enable ease of banking for businesses, J&K Bank has revealed its Open Banking initiative for corporate clients across the country, with Khyber Group of Companies becoming its first client under this cutting-edge platform.
Executive Director (ED) Sudhir Gupta today unveiled the initiative formally in presence of the Bank's General Manager (Cross Selling) Narjay Gupta, General Manager (Govt. Business) Syed Rais Maqbool and General Manager (Strategy & IT) Imtiyaz Ahmad Bhat, DGMs and other senior officers during a function held at the Bank's corporate headquarters.
Senior functionaries from Khyber Group including President Manzoor Ahmad Mir, Head (IT) Mohammad Ashraf Bhat, and CA Haroon Bashir from Khyber Cements along with Chief Finance & Commercials Kaisar Ahmad and Executive (IT) Shabir Ahmad from Khyber Aquaculture were also present on the occasion.
Speaking on the occasion, ED Sudhir Gupta said, "The introduction of Open Banking Services for our corporate partners is another significant milestone in the Bank's digital journey. This also marks the beginning of a new era where banking services are no longer confined within branch walls, but are now embedded seamlessly within the business processes of our partners."
"This milestone reflects our commitment to digital transformation, financial automation, and building a truly partner-centric ecosystem. We are delighted to begin this journey with the Khyber Group, and look forward to enabling many more of our partners to benefit from this technology-based financial solution", he added.
On the occasion, he also congratulated the Bank's IT team along with that of the Khyber Group for making the successful integration of systems possible.
He further said, "Let this be the first of many such successful collaborations."
In his remarks on the occasion, GM Imtiyaz Ahmad Bhat said, "This initiative not only strengthens our commitment to innovation and customer-centric solutions but also empowers businesses to achieve greater efficiency and transparency in their financial operations."
"By rolling out API-driven solutions, the Bank is positioning itself at the forefront of Open Banking Services, enabling business-to-business integration that aligns with the evolving needs of enterprise ecosystem", he added.
While highlighting their long-term close relationship with the Bank, the senior functionaries from Khyber Group commended the Bank for its services and thanked the IT team for cordial and patient support during the integration of systems.
Acknowledging the efficacy of the platform, Head IT (Khyber Cements) Mohammad Ashraf said, "As part of Khyber Group's digital transformation journey, we are integrating directly with JK Bank's API to automate and streamline vendor payments. This initiative enhances transparency, reduces manual errors, and ensures real-time processing-strengthening our financial operations with speed, security, and scalability."
DGM (IT) Khavar Mehraj Handoo gave an overview of the API based Open Banking in detail, wherein he said that the objective of initiative was to automate and simplify payment initiation directly from partner ERP systems while enabling real-time transaction tracking and reconciliation.
Built on robust API-based architecture, the platform, he said, allows secure, real-time interaction between the client's ERP platforms and banking services.
While enabling scalable integration with a wide range of ERP, CRM, and custom platforms; it enhances accuracy besides ensuring data integrity, security, and regulatory compliance in all interactions. |
