How to Set Up ICICI Connected Banking in TallyPrime (Step-by-Step)
How to Set Up ICICI Connected Banking in TallyPrime (Step-by-Step)
Learn how to register and link your ICICI bank corporate account to TallyPrime. Step-by-step tutorial on direct API syncing, e-payments, and BRS.
Who is this for: Banking & Reconciliation
ICICI Connected Banking enables a secure API link between your ICICI Bank corporate account and TallyPrime. This lets you auto-sync bank statements, reconcile outstanding transactions in real-time, and disburse vendor payments via e-Payments directly from Tally.
Integrating your bank account with your ERP simplifies cash-flow management. Follow this step-by-step guide to configure the ICICI Connected Banking module in TallyPrime.
Prerequisites for Connected Banking
Verify that your company meets the following requirements before starting the setup:
- An active ICICI Bank Corporate Current Account with Corporate Internet Banking (CIB) access.
- A valid TallyPrime License (Silver or Gold edition) with an active Tally.NET subscription.
- Authorized administrative credentials for both TallyPrime and the ICICI CIB portal.
Step-by-Step ICICI Banking API Setup
The integration process is divided into registration, ledger configuration, and transaction execution stages:
Register Tally on the ICICI Portal
Log in to the ICICI Corporate Internet Banking portal. Navigate to Connected Banking, search for Tally Solutions, and request integration. Provide your Tally License Serial Number and Tally.NET ID. Submit the request and verify it using the OTP sent to the registered mobile number.
Enable e-Payments in Tally
Open TallyPrime and navigate to Gateway of Tally > Alter > Ledger. Select your ICICI Bank ledger. Set Enable e-Payments to Yes. In the configuration screen, select ICICI Bank (India) as the product. Set Use Connected Banking to Yes. Save the ledger by pressing Ctrl+A.
Sync Statements & Pay Vendors
From the Bank Reconciliation utility, click Alt+B > Download Statement. Tally will authenticate via Tally.NET and download transactions. To pay bills, create a payment voucher, select the bank ledger, and click Alt+Z (Exchange) > Send to Bank.
Processing Vendor Payments Direct from Tally
Once configured, processing payments follows this workflow:
- Create Payment Vouchers: Record vendor payment transactions in Tally Prime. Ensure the vendor's bank ledger details (account number, IFSC code) are entered.
- Send Payment File: Go to Gateway of Tally > Banking > e-Payments. Select the pending payment entries, click Send to Bank (Alt+Z), and log in with your Tally.NET ID.
- Approve Payments: The payment requests are sent to the ICICI CIB portal. The designated corporate authorizer must log in to the portal, navigate to Pending Approvals, review the batch details, and approve the transactions using an OTP.
Automated BRS & Reconciliation
With ICICI Connected Banking, manual BRS is simplified. When you download bank statements directly within the reconciliation panel, Tally Prime matches the instrument numbers and transaction amounts against your ledger vouchers, auto-populating the bank clearance dates. Unmatched bank charges or direct interest credits can be posted as new vouchers from the reconciliation screen.
Limitations of Bank-Specific API integrations
While API integration is useful, it has several limitations:
- Bank Lock-in: The integration is bank-specific. If your company opens accounts with other banks (such as HDFC, SBI, or Axis), you must repeat the registration process for each bank.
- Complex Setup: Linking accounts requires administrative portal approvals, license mapping, and coordinate verification, which can delay deployment.
- Tally.NET Dependency: Auto-syncing bank statements requires a valid, paid Tally.NET subscription.
Summary
ICICI Connected Banking provides a direct, secure integration for managing corporate payments and reconciliation. Standardizing these setups reduces payment processing friction and improves financial reporting efficiency.
Founder & Chief Architect of TrulyInvoice