PSB ALLIANCE PRIVATE LIMITED
PSB ALLIANCE PRIVATE LIMITED
A community cloud is present as a digital platform meant for businesses of different sizes. When it comes to banking services, this platform allows lenders, banks, and customers to customize as well as create a community for proper communication. Mostly, a company has a prime role in helping PSBs adopt to maximize the capabilities of cloud platforms. Community cloud services are ideal for streamlining important business operations and are highly useful in different companies or offices. The companies can easily combine the demand from all the 12 public sector banks. With this, they can provide the cloud pricing models needed for attaining economies of scale.
This initiative is composed to suggestively accelerate the integration of hyperscale cloud competencies within the Public Sector Banks (PSBs). PSB Alliance Private Limited has introduced a formal Request for Proposal (RFP) procedure to identify the qualified bidders line up with strict evaluation criteria set by PSB Alliance. The selected entities are used for furnishing MeitY empaneled cloud services. This particular strategy is ideal for streamlining the procurement landscape within the banking sector.
Community cloud services, hence, it is best for streamlining the business operations and functions. Moreover, it is now possible to complete the work in real-time while helping customers to close deals quickly.
In the auditing landscape, the introduction of digital balance confirmation emerges as an important part of confirming reliability, accuracy, and efficiency in financial reporting. Digital balance confirmation is a systematic verification system of financial data especially associated with bank balances and transactions via electronic system.
As per the provisions outlined in Standard on Auditing (SA) 505 – any external confirmation by ICAI, auditors are directed to procure external confirmations with the help of electronic form, paper, or other alternative mediums. The auditors solicit confirmations from financial institutions to confirm the bank balances of different clients. Such confirmations incorporate financial instruments like overdrafts, cash credits, fixed deposits, call deposits, loans, investments, and others. Some of the other instruments also include guarantees issued, bills for collections, letters of credit, and bills discounted or purchased.
The mentioned platform acts as a central technological conduit facilitating the distribution and procurement of supply chain finance as well as small business loans for public sector banks. The established connections have more than 200 sourcing partners like B2B marketplaces, Debt arrangers, Accounting Service Providers, Investment banks, and others. The prime aspect of this platform is to encompass seamless integrations with different third-party API providers such as automated KYC, procedures, customer authentication, underwiring data APIs, account aggregators, and electronic signature facilitation.