ICICI Bank has launched a STACK for companies in real estate sector to offer solutions to their banking requirements on one platform. The STACK, which is a combination of digital and phygital solutions, enables participants of the real estate sector namely builders, Real Estate Investment Trusts (REITs) and Alternate Investment Funds (AIFs) to undertake banking transactions expeditiously. This initiative is an extension of the ‘ICICI STACK for Corporates’ which the Bank launched last year to provide a customised set of banking solutions for corporates and their entire ecosystem.
The first-of-its kind initiative offers builders, banking solutions such as digital opening of bank accounts, instant generation of account number for RERA registration, construction finance, inventory funding, and lease rental discounting to cater to their financial needs, depending on the life cycle stage of a project. In addition, it enables them to manage their payment obligations to vendors, employees, utility providers and statutory payments efficiently.
The STACK also provides REITs and AIFs with services for digital collection, reconciliation, surplus distribution and custodial services. REITs are trusts that manage high quality real estate property portfolios, collect rent through lease income and distribute the surplus to the investors. AIFs invest privately pooled funds in various asset classes including the real estate sector. Both REITs and AIFs require robust collection, reconciliation and surplus distribution services digitally.
ICICI Bank is a leading private sector bank in India.
