Transaction Limits Management

Payments: Just-in-time

Corporate Account Structures, Intra-Day Liquidity Management and Payments Transaction Limits Management

 

The Problem:

The Usain-Bolt-like manufacturing supply chain and logistics supply chain are fast, real- time and just-in-time.  Meanwhile, the financial supply chain lumbers behind them working on T+n.

Need it be like this?

The world of manufacturing has seen JIT (Just-In-Time) for a long time now.  Machine tool operators do not need to keep large inventories of raw material next to their machines. This has improved cash and working capital and ultimately profitability for manufacturing companies.

However, the same is not entirely true in the corporate transaction banking space. Corporates treasurers often have to maintain high balances at BOD. They also have to request their banks for large intra-day overdrafts and EOD overdraft facilities as the nature of their business is such that payments (debits) go out throughout the day while inward payments (credits) are applied only at the end of the day.  This could happen because core banking platforms may apply the debit for the outgoing payment immediately, while they apply the credit of the incoming payment only at EOD or sometimes on a T+1 or T+2 basis. This could also happen because a cross border fund transfer from one international subsidiary to another may itself take 2 days to settle over a snail-paced correspondent banking network.

The lack of real time cross border payments, lack of instant credits into corporate accounts due to  mainframe / batch core DDA systems, the lack of real time intra- day sweeps and the lack of real time balance and transaction reporting forces corporate treasurers to maintain high balances (inventory) at BOD.

Thus, while the manufacturing supply chain and the logistics supply chain are real time / just-in-time, the financial supply chain is still operating on a T+n basis.

The Cost:

For the Corporate, all this comes at a huge cost. To maintain a high BOD balance, corporate treasurers may end up with short term borrowing. To maintain multiple accounts – some in debit balances and some in credit balances – will make the corporate incur higher interest cost. There is also the cost of the intra-day OD facilities and EOD OD facilities. There is also the cost of not being able to clear those high value payments because the account has used up its balance, and for a corporate treasurer, this can get frustrating as he may actually have a large credit balance in another account with the same bank.

“I was once speaking to a Transaction Banking Head at a large bank, who said, ‘listen Tapan, I really don’t want to reject high value payments of these large corporates. They were maintaining very high overdrafts at each account level, and this came at a huge cost to our bank since we had to maintain provisions under Basel 3 for these facilities and it impacted our bottom-line’.”

The Solution:

A world of Just-in-time payments beckons!

The solution that global transaction banks need to consider is to offer real-time balance netting across a group of accounts.

By consolidating 100’s of thousands of accounts of a corporate and its subsidiaries into a CAS (Composite and Complex Account Structure) and specifying net and gross limits at each account, account group, subsidiary and parent level, the bank will be able to save:

  • the bank will be able to save on its Basel 3 LCR (Liquidity Coverage Ratio) requirements
  • and the corporate will be saved of maintaining a high BOD Balance or for requesting high daylight exposure limits.

It’s a win-win for both the client and the bank.


A sophisticated, stand-alone system…ta da!
Which aggregates and computes limits and balances instantaneously, is the need of the hour…

A transaction limits management system could help banks:

  1. Check balances in real time across multiple core DDA platforms, or
  2. Account management systems and check the associated net and gross limits and give a payment decision back to the payment engine.

If funds are insufficient, a system such as this could place the transaction in a referral queue and do an automatic re-try just before cut off or even throughout the day.

Some global transaction banks have built regional balance control systems (RBCS) such as these, while those that have not struggle with even a real time balance view and incur high payment operations cost and end up having larger teams to manage the larger volume of payments in funds-check retry queues.

As banks across the world are modernizing their payments infrastructure for ISO20022, Open Banking, PSD2, Instant Payments Support etc., the need to implement a Transaction Limits Management system become more relevant.

Today, in the case of real- time payments, some countries have removed the upper threshold for instant payments, while some have significantly raised the upper cap.

Example:

  • For instance, UK faster payments has a limit of £ 250,000 with plans to increase it to £ 1,000,000
  • There is no upper limit for intra-bank instant payments within Netherlands

It’s a safe bet to say that corporate treasurers will want their banks to offer them:

  • Real-time Visibility
  • Real-time Balances
  • Real-time Intraday Liquidity Sweeps
  • and Balance Netting

All so that they don’t have to maintain high BOD Balances in multiple banks / accounts. After all, inventory, whether it is in manufacturing or in finance, represents cost.

It is high time that corporate transaction banks started thinking of procuring a centralized payment transaction limits management system that can track exposure and authorize payments by checking limits and balances at various levels such as customer, customer group, legal entity account group, account etc.

This will benefit the bank to process payments with less risk and less cost and the clients benefits from payments that execute immediately!

 

About the author

TapanTapan Agarwal, Senior Vice President, Payments Product Management
Tapan is a banking technology and domain expert, who now leads the payments product management function for iGTB. He has over 2 decades of experience in banking technology, having worked at Oracle OFSS (i-flex), Wipro, MindTree and Deutsche Software. He has worked in roles that range from development, design, consultancy to strategy and operational roles including managing large teams, top line targets and bottom-line responsibilities. He has implemented banking technology in multiple banks and consulted with CTOs and CIOs at banks on technology driven business and operational efficiency improvement.

Boubyan Bank World’s 1st International Islamic Digital Transaction Bank

Kuwait-headquartered Boubyan Bank will be one of the first banks in Kuwait to undertake a comprehensive digital transaction banking implementation to digitize and streamline Islamic transaction banking with iGTB.

Boubyan Bank’s 2023 strategy gets another feather in its cap with the digital transformation of its cash management offering for corporate and SME customers

London, November 2, 2021: Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence for two years in a row, today announced that Kuwait-headquartered Boubyan Bank has signed a major transformative deal with iGTB. Boubyan Bank will be one of the first banks in Kuwait to undertake a comprehensive digital transaction banking implementation to digitize and streamline Islamic transaction banking. For iGTB, this deal marks the third key digital transformation customer in Kuwait.

With the adoption of new digital technologies including AI and Cloud and the rising digital transformation across the region, Kuwait’s Vision 2035 “New Kuwait” sets the vision for the country to become an international trade hub regionally and to stand out as a leader in digital technological innovations in the GCC region.

Boubyan Bank is currently implementing its third five-year strategy “Boubyan 2023”, which builds on the group’s robust domestic foundations and strengthening international presence. The focus will be to upgrade product portfolio, focus on target customer segments, enhance digital proposition. Most Islamic banks across the wider GCC region are behind the global digital curve in terms of the digital products and services being offered to customers. Boubyan Bank aims to propel Islamic digital corporate banking towards a more innovative future where the priority is customer convenience on an international scale. This strategic investment meeting the diverse and advanced needs of corporate & SME customers, will re-affirm Boubyan Bank’s superior position as a leading digital Islamic bank in the region.

According to Mr. Abdul-Salam Mohammed Al-Saleh, Chief Executive Officer – Corporate Banking, Financial Control,Abdul-Salam Treasury and Legal Affairs, Boubyan Bank, “Digitization will enable our customers in the region to open and enjoy the benefits modern digital transaction banking & cash management in the knowledge that it also meets their Sharia principles and beliefs.”

He added, “We at Boubyan Bank have always been focused on strengthening our digital infrastructure to drive customer excellence initiatives. Harnessing digital innovation and being customer centric are the main pillars of the bank’s five-year strategy – Boubyan 2023. This partnership with iGTB will help us achieve our strategic goal and expand beyond the Kuwait market.”

According to Mr. Ashraf Abdallah Sewilam, Group General Manager – Corporate Banking Group, Boubyan Bank,Ashraf “Innovation and creativity is the key to our success strategy. Adapting agile methodology and delivering a number of ‘First-in-Kuwait’ products for our customers, we are advancing the banking industry in Kuwait and delighting our customers with new, advanced and easy to use products.”

He added, “Boubyan Bank aims to provide distinguished corporate banking services to all sectors and sizes of corporates with the focus on developing and enhancing digital services and products to meet customer needs and aspirations. Through this digital cash management transformation in partnership with iGTB, Boubyan Bank looks forward to become the preferred bank for its corporate customers in the region and beyond.”

manish-maakan-ceo According to iGTB CEO, Mr. Manish Maakan, “Islamic financial institutions in Kuwait are exploring ways to drive innovation, reach new customers and expand their positive impact on society with sustainability. This partnership with Boubyan Bank signals the urgent need banks to scale up corporate banking operations that emphasizes market-readiness and speed-to-market as ‘hallmarks’ of the next-gen Transaction Banking transformation, stepping away from long-haul bespoke programs.”

He added, “This dominance demonstrated by iGTB’s third major transformation deal in Kuwait, is the latest illustration of our market coverage strategy yielding dividends across our client portfolios. iGTB’s cloud-ready Integrated Cash and Trade platform is a result of years of investment into1 adapting to local regulations & payment systems, backed by iGTB’s boots-on-the-ground local relationship managers, domain experts and delivery teams fully based out of MENA regions.”

With a focus on Cash Management, Liquidity, Account Services, Payments, Collections and Virtual Account Management along with support for omni-channel, API, Host-to-Host and mobile banking to corporate & SME clients, the bank would be enabled to deliver seamless user experience and improve operational efficiency. The single instance, omni-channel Contextual Banking Experience (CBX) provides visual dashboard views to enhance digital customer self-service with the ability to provide real-time insights and value-added industry news to improve customer stickiness.

With the Kuwaiti market specific Request-to-Pay system, Boubyan Bank will now be enabled to offer real-time unitary and bulk payments on the corporate banking portal to its corporate and SME clients. This will enable the bank to acquire new customers and grow business exponentially. The complete Islamic deposit banking lifecycle addressing loans and finance with the single-point login and digitization of back-end operational processes will create a culture of digital self-service that will enhance the engagement levels with corporate & SME customers.

About iGTB’s Digital Transaction Banking platform

The World’s Best Corporate Banks Bank on iGTB

iGTB is the world’s first complete Global Transaction Banking platform from the house of Intellect. iGTB’s software products help Corporate Banks prepare for a new era of customer-centric services. With a rich suite of transaction banking products, across Cash Management, Payments, Liquidity, Trade Finance and Supply Chain Finance, iGTB is an authority on integrated transaction banking products that enable banks to meet their ambition to be the Principal Banker to their corporate customers. iGTB seamlessly integrates all the transaction banking needs of corporate customers, delighting them with the Contextual Banking eXperience (CBX), a white label digital transaction banking platform to manage corporates’ cash and trade digital channels. For more information on iGTB, please visit https://www.igtb.com/

The world’s first fully-integrated & cloud-ready, Integrated Cash and Trade digital transaction banking platform is a high-performance, patent pending solution that is designed to deliver growth, create a foundation for business & service expansion, create simplicity in corporate onboarding powered by expertise backed user journeys, with replicable & robust operational processing and deployment certainty. More than 55 other global banking groups are benefitting from this world-leading solution which handles 50% of the total corporate collections’ transactions across India, Middle East & Africa. For more information, please visit https://www.igtbcloud.com

About Intellect Design Arena Limited

Intellect Design Arena Ltd, a cloud-native, future ready multi-product fintech platform for the world’s leading financial & insurance clients caters to the full spectrum of banking and insurance technology products company, across Global Consumer Banking, Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.

Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect serves over 240 customers through offices in 91 countries and with a diverse workforce of solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com.

Jordan Kuwait Bank’s Digital Transaction Banking with “Bank Anywhere”

Jordan Kuwait Bank to create a completely integrated, mobile first, state-of-the-art, omni-channel experience to power its growth ambitions in the Arab region based on Jordan Vision 2025

London, October 20, 2021: Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, today announced that Jordan-headquartered Jordan Kuwait Bank (JKB) has signed a transformative deal with iGTB to digitize and streamline its transaction banking offerings. This is the 3rd major digital transformation deal in Jordan for iGTB, making it a significant 50% coverage amongst active transaction banks in the country.

iGTB’s integrated transaction banking platform enables banks to be disruptive in the digital financial industry through its fully integrated transaction banking platform. Leveraging the platform, JKB will be able to offer seamless digital experiences across the corporate financial supply chain. The platform works out-of-the-box, with modules for digital cash management, trade finance and payments powered by the award winning omni-channel Digital Customer Experience suite (CBX) and full cycle of mobile banking services covering inquiries and initiations. The digital transformation will help JKB to acquire an advanced position in the Arab region through digitized operations and enhanced products and services. Supported by iGTB, the planned project is aimed at digital transformation of JKB’s Transaction Banking platform to further shore up its revenue base. This ensures meeting the diverse and advanced needs of customers, thereby confirming JKB’s superior position to become a leading digital bank in the region.

According to Mr. Daoud Issa, Chief Operating and Support Officer, COO, Jordan Kuwait Bank, “The adoption Daoud Issa of new technology and end-to-end process digitization is transforming the way businesses used to function. For the banking sector, it drives a lot of operational efficiency and improves the STP. With a diverse client base ranging from sectors across real estate, energy, airline & aviation, JKB needs to be digitally advanced and embrace the on-going shift in customer preferences, and enrich its digital platforms and provide innovative solutions to offer excellent customer experience and cutting edge innovative services to our SME and Corporate clients to be ahead of the competition.”

He added, “With iGTB’s deep domain and regional expertise in Digital Transaction Banking, JKB is marching ahead to provide customer gratification and achieve operational efficiency. This is a key, large-scale digitization project and is of significant importance to JKB’s business in the coming years.”

manish-maakan-ceoAccording to iGTB CEO, Mr. Manish Maakan, “Our, fully-integrated Cash & Trade Digital Transaction banking platform, has become a global go-to-solution for Transaction Banking needs, whether it’s for a modern Contextual Banking experience or for robust technology that powers their cash, liquidity, payment, trade and virtual account operations. With over 55 banks in the Integrated Cash & Trade portfolio, iGTB is all set to scale its global foot print with fully-managed cloud hosted models with our Microsoft Azure partnership. Corporate clients can now have an experience that’s no longer exclusive to retail & B2C domains. 3 of the largest banks out of the 6 banks offering Transaction Banking services in Jordan, bank on iGTB, representing a significant 50% market share.”

He added, “We want our clients to not only exceed in business critical Transaction Banking requirements, but also empower them to adopt a leadership position in the corporate banking space. With our iZoom rapid deployment methodology, we will enable JKB to launch business in 6 months. We are pleased, as leaders in this field, to work with Jordan Kuwait Bank in this transformation to push the boundaries yet further, and to help the bank grow faster and deliver new products and services to their corporate clients.”

With the adoption of new digital technologies and the rising digital transformation across the region, Jordan has shown great progress in the Digital Financial services area. The country’s vision is to become a digital economy and to stand as a leader in technological innovations in the Arab region. To encourage this digital development, Ministry of Digital Economy, a recent government venture, focuses on the use of digital technology including AI and Cloud as means to revitalize the economy, promote entrepreneurship and create job opportunities to drive the Jordan Digital Transformation Strategy based on Jordan Vision 2025. Jordan Kuwait Bank’s digitization efforts of its transaction banking function, will further enhance Jordan’s move to a digital economy with innovative product lines and services.

Key Highlights

  • Advanced Transaction banking capabilities for Corporates & SMEs: Payments, Account Services, front-end Trade Finance, Host-to-Host services and other advanced utilities for corporate & commercial clients, will help deliver a seamless user experience and help improve operational efficiency.
  • Improving Corporate Customer satisfaction by digitizing operational bottlenecks: The single instance, multi-country, fully integrated omni-channel Contextual Banking Experience (CBX) will provide real-time insights through dashboards, support dues collection and provide reconciliation reports, which will enable JKB to enhance operational efficiencies by eliminating manual processes, enabling straight through processing, digitalization, and support operations in multiple currencies.
  • Enhancing JKB’s “bank anywhere” with fully modernized mobile banking: Mobile banking is a key channel of this program which would help JKB deliver all the results directly to the smartphone screen. This channel is a combination of the latest mobile technology, methods of engagement, system integration and initiation. This helps the bank create a fast, secure means of managing money and “bank anywhere” platform for their corporate & SMEs clients.
  • New customer acquisition for market leadership led by differentiated product offerings: The platform will include diverse product offerings such as; Instant Payment System (CliQ), API enabled Host-to-Host initiation, SWIFT GPI for international transfers and single/bulk payment orders etc. which will enable JKB to meet the regulatory requirements and acquire more customers.
  • Superior customer service and SLAs powered by digital self-service: The single-point login and digitization of back-end operational processes, will create a culture of digital self-service that will enhance the engagement levels with corporate & SME customers. This creates a foundation for the bank to drive cross-sell and up-sell of products across customer segments. This would enable the bank to maximize fee-based revenue and earn higher margins.

About iGTB’s Digital Transaction Banking platform

The World’s Best Corporate Banks Bank on iGTB

iGTB is the world’s first complete Global Transaction Banking platform from the house of Intellect. iGTB’s software products help Corporate Banks prepare for a new era of customer-centric services. With a rich suite of transaction banking products, across Cash Management, Payments, Liquidity, Trade Finance and Supply Chain Finance, iGTB is an authority on integrated transaction banking products that enable banks to meet their ambition to be the Principal Banker to their corporate customers. iGTB seamlessly integrates all the transaction banking needs of corporate customers, delighting them with the Contextual Banking experience (CBX), a white label digital transaction banking platform to manage corporates’ Cash and Trade digital channels. For more information on iGTB, please visit https://www.igtb.com/

The world’s first fully-integrated & cloud-ready, Integrated Cash and Trade digital transaction banking platform is a high-performance, patent pending solution that is designed to deliver growth, create a foundation for business & service expansion, create simplicity in corporate onboarding powered by expertise backed user journeys, with replicable and robust operational processing and deployment certainty. More than 55 other global banking groups are benefitting from this world-leading solution which handles 50% of the total corporate collections’ transactions across India, Middle East & Africa. For more information, please visit https://www.igtbcloud.com

About Intellect Design Arena Limited

Intellect Design Arena Ltd, a cloud-native, future ready multi-product fintech platform for the world’s leading financial and insurance clients caters to the full spectrum of banking and insurance technology products company, across Global Consumer Banking, Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.

Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect serves over 240 customers through offices in 91 countries and with a diverse workforce of solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com.

iGTB & Coriolis Technologies partner up for business intelligence in trade & supply chain finance

Banks poised to enhance competitive positioning by accessing the most advanced business intelligence and insights into trade flows, supply chains and market disruptors

London, October 11, 2021 Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, today announced its strategic partnership with Coriolis Technologies, the leading source of trade, corporate and geopolitical risk as well as trade-related economic data globally for the trade finance sector. Coriolis Technologies delivers unparalleled insights into geopolitical risks, macro-economic trends and international trade conditions as well as supporting key information on sustainable trade flows globally.

Founded in 2017, Coriolis Technologies has become the leading source of data and analytics globally for the trade finance sector. Data is collected from multiple sources and predictive analytics are derived using leading edge artificial intelligence and deep learning techniques. Coriolis Technologies Atlas is a one-stop shop for SME exporters seeking access to trade finance. Documents are screened and assessed in real-time to assess business risk and compliance. Coriolis Technologies Kosmos is the go-to source of data and analytics for environmental, social and corporate governance. Coriolis Technologies Kosmos provides key information and insights into sustainable trade flows across the globe. Coriolis Technologies provides the perfect, complementary fit to iGTB’s coverage across the whole cash, trade and supply chain space in line with its commitment to digitalisation and sustainability.

In the wake of supply chain disruptions due to Covid-19, many observers have reiterated the need for stakeholders to obtain greater visibility in order to optimise supply chain efficiency. During the lockdown, some suppliers have been forced at least temporarily to cease production. Some third party logistics providers have been unable to transport goods across borders. Supply chain lenders need to better understand the information flows in supply chains, not just the financial health of one participant. They require visibility into the entire supply chain and real-time monitoring of physical transactions. Information is vital to any business activity. These days we are often swamped by too much information. We need analytical tools to help us make sense of the data and make informed decisions based on business intelligence. In the digital world, data is the new collateral. The evolving art of predictive analytics enables banks to better manage their relationships, revenues and risks.

Rebecca Harding, CEO, Coriolis Technologies, commented: “We are very excited to be collaboratingRebecca with iGTB. Both companies share a passion for practical innovations that will make trade finance smarter and faster through the power of digitalisation. Our joint collaboration will not only enhance market understanding of risks, disruptions and potential impacts but ultimately act as a catalyst for digital adoption going forwards.”

manishCommenting on the partnership, Manish Maakan, CEO, iGTB said, “Collaboration is key to the successful digitalisation of trade and supply chain finance. The strategic partnership between iGTB, the independently acknowledged #1 player in transaction banking and Coriolis Technologies, the #1 data and analytics provide, delivers a unique value proposition that will enable our customers to drive innovation and grow their business with the benefit of having clear insights into predictive analytics and risk forecasting. Together we will drive innovation, leveraging state of the art technologies to mobilise trade data and analytics that will help bridge the trade finance funding gap and ultimately benefit the global economy as a whole”.

About iGTB:

The World’s Best Corporate Banks Bank on iGTB

iGTB is the world’s first complete Global Transaction Banking platform from the house of Intellect. iGTB’s
software products help Corporate Banks prepare for a new era of customer-centric services. With a rich suite of transaction banking products, across Digital Transaction Banking, Payments, Liquidity, Trade and Supply Chain Supply, iGTB is an authority on integrated products that enable banks to meet their ambition to be the Principal Banker to their corporate customers. iGTB seamlessly integrates all the transaction banking needs of corporate customers, delighting them with the Contextual Banking Experience (CBX), a white label digital transaction banking platform to manage corporates’ cash and trade portfolios. For more information on iGTB, please visit https://www.igtb.com

About Intellect Design Arena Limited

Intellect Design Arena, a global leader in the application of digital technology, is the world’s first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products. It does so via its four lines of business, namely, Global Consumer Banking, iGTB (Global Transaction Banking), Risk, Treasury and Markets and Insurance Software. With over 25 years’ of deep domain expertise, today Intellect is a brand name that progressive financial institutions look to for their digital needs, and for digital transformation initiatives.

Intellect pioneered Design Thinking as a key differentiator in the delivery of cutting-edge banking and insurance products and solutions to enable digital transformations. FinTech 8012, the world’s first design centre for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, such that the growing need for digital transformation may be addressed and answered. Intellect generates annual revenues of more than USD 208 million, by serving more than 200 customers through offices in 90+ countries. For further information about the company and the various solutions it offers, please visit https://www.intellectdesign.com/.

About Coriolis Technologies

Through its MultiLateral data platform, Coriolis Technologies is democratising access to sophisticated trade data and models by providing businesses and banks with a tool to identify opportunities, assess risks and access supply chain partners and finance globally. Using MultiLateral data and analysis Coriolis Technologies has developed three unique products, providing three key solutions for trade professionals:

  • Coriolis Technologies Atlas: International SME onboarding offering personalized access to trade finance providers; SME “trade finance readiness” scoring against KYC, AML, dual use goods and SDGs
  • Coriolis Technologies Kosmos: Environmental, Social, and Governance monitoring and passporting of the world’s companies, supply chains, and nations by trade product; and
  • Coriolis Technologies Primacy: Sophisticated scenario planning in secure online environments, and trade wargaming with leading experts in security and economic fields.
    https://coriolistechnologies.com/

Santander, supported by iGTB, achieve “an incredible 70% average improvement of KPIs” say Aité-Novarica in their Payments Case Study

The Payments Case Study report “Implementing a Market Leading Global Payments Platform,” by highly respected analyst Erika Baumann, shows how Santander, one of the largest banks in Europe and the 16th largest banking institution in the world, “created a market-leading global payments platform that did not previously exist in the market” by partnering with iGTB and using iGTB’s Payments Service Hub.

iGTB Digital Transaction Banking on Cloud – the world’s first, cloud-native, fully-integrated cash management platform, powered by microservices and Open Banking APIs for banks in Middle East & North Africa

Transaction banks can now accelerate their digital transformation on the cloud and onboard their SME & corporate clients in weeks rather than months

London, 16 August 2021: Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence two years in a row, today announces its completely reimagined Digital Transaction Banking on a cloud platform. iGTB, with origins that can be traced to Citibank, has three decades of experience in transaction banking technology. Currently 90+ banks globally and 30+ banks in the MENA region trust iGTB for their digital cash transformation.

The Middle East and North African banks that desire a large piece of the pie of the rapidly growing transaction banking business, and those that wish to accelerate SME & corporate digital customer acquisition, are set to experience a major turnaround with this announcement. A key tenet of this redesigned Cash Management Platform is to embrace simplicity in digital banking transformation, for banks to stay relevant to their customers and investors by adopting the latest cloud technology without high CAPEX investments, and to bust the myth of endless technology projects that must span into years.

This platform is powered by comprehensive product coverage across cash management, payments, account services, self-onboarding, liquidity& virtual accounts and is offered across three easy-to-consume bundles –the CashNow plan, the CashXtra plan, and the CashPowerplan. Each bundle is tailored specifically for banks at various stages of their transaction banking digital maturity, with an innovative pay-as-you-grow pricing model. The bundles are specially curated with iGTB’s thorough repertoire of user journeys and domain packs built up from its large client base, designed to accelerate sales cycles for banks, increase stickiness across their client segments and impact the customer experience with a fully digital 360 offering. Banks will now be able to capture stable, predictable corporate & SME fee revenues in weeks rather than months.

manish-maakan-ceoAccording to Mr. Manish Maakan, CEO, iGTB, “CIOs and CTOs that run the bank IT, can reap value from cloud platforms by completely re-thinking digital technology transformation. The time to commercialize is reduced 4-6 fold so that banks can go live in weeks rather than months with iGTB’s proprietary rapid implementation methodology room, backed by pre-configured, industry-proven domain expertise and core-banking pre-integrations built into the software. Banks can future-proof their investments with a progressive modernization upgrade roadmap thanks to iGTB’s cloud-ready enterprise cash management platform, which has the best-of-breed technology capabilities built-in with microservices and Open Banking APIs.”

iGTB’s fully managed, cloud-ready Digital Transaction Banking Platform will help de-risk banks’ IT operations with up to 40% reduction in IT total cost of operations (TCO). Pre-configured domain packs for the GCC and North African markets will speed up the bank’s go-to-market product launch aided by the operationally-ready suite of 135+ Open Banking APIs to help roll out consumer-friendly innovative features. Corporates and SMEs can be rapidly onboarded, saving up to 70% in onboarding costs, bringing in operational efficiency, and driving down acquisition costs. All this is backed by pay-as-you-grow-ready plans that can help banks go live in as fast as 10 weeks, leveraging our global cloud infrastructure from Microsoft Azure. To experience, it live and for more information, visit iGTBcloud.com

About iGTB

iGTB is the world’s first complete Global Transaction Banking Platform from the house of Intellect. It helps corporate banks prepare for a new era of customer-centric services. With a rich suite of transaction banking products, across DTB, contextual banking CBX, Payments, Liquidity, Trade, and Supply Chain, iGTB is an authority on vertical and integrated products that enable banks to meet their ambition to be the Principal Banker to their corporate customers.

About Intellect Design Arena Limited

IntellectDesign Arena Ltd, a cloud-native, future-ready multi-product fintech platform for the world’s leading financial & insurance clients caters to the full spectrum of banking and insurance technology products company, across Global Consumer Banking, Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.

Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect serves over 240 customers through offices in 91 countries and with a diverse workforce of solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com. For further information about the transaction banking solutions offered by iGTB, please visit https://www.igtb.com/

Intellect Global Transaction Banking (iGTB) and essDOCS partner for digitalisation and automation of trade finance processes

Banks leveraging the new partnership between iGTB Trade Finance and essDOCS will benefit from a unique value proposition that will future-proof their business as digital transformation, paving the way for finally eliminating paper and age-old labour intensive business practices, typically leading to a 10% increase in revenues

London, UK 12 August, 2021: Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, today announces its partnership with essDOCS, the leading paperless global trade management company, to widen access to and adoption of trade digitalisation solutions.

Banks deploying iGTB Trade Finance, now in combination with the technology powerhouse of essDOCS used by nearly 60,000 companies in over 200 countries, will uniquely benefit from an ability to enable their corporate customers to extend their use of paperless trade, not only streamlining and automating document preparation processes but also eliminating the operational risks inherently associated with the manual processing of paper, thereby future proofing their business.

For generations, the business of trade and trade finance has been notoriously reliant on labour intensive paper-based processes, particularly with respect to crucial title documents such as bills of lading, warehouse warrants, bills of exchange and promissory notes. It is now increasingly clear that trade stakeholders require data to be made available by digital means, in a connected, secure online environment with real-time access to information.

Removing paper pain points in trade significantly reduces delays from document discrepancies, the most common cause, as well as supporting the increased availability of structured data for business intelligence purposes. Global trade banks could increase revenue by approximately 10% by adopting an integrated digital solution incorporating intelligent automation and collaborative digitalisation (source: Asian Banking & Finance).

alexander-goulandrisAlexander Goulandris, Co-CEO, essDOCS said, “We are excited to be collaborating with iGTB, with whom we share a common vision of enabling paperless trade by providing future-proof digital trade solutions that eliminate paper-based processes and make trade finance more secure, smarter and faster.”

essDOCS’ CargoDocs solution enables users to digitally prepare, manage, sign, legally transfer and e-present trade documentation in an auditable platform powered by automation. CargoDocs connects all trade value chain stakeholders (such as exporters, advising banks, issuing banks and importers) through its secure digital platform, which fully conforms with the International Chamber of Commerce (ICC) eUCP and eURC regulations, in addition to the upcoming URDTT (Uniform Rules for Digital Trade Transactions).

By syncing with essDOCS, iGTB bank and corporate users will be able to access CargoDocs’ digital document capabilities and use the solution for trade finance transactions under Letters of Credit (LCs), Documentary Collections, Guarantees and more – allowing both banks and corporates to access all data and documents under any given financing instrument in a single, secure platform.

manish-maakan-ceoCommenting on the partnership, Manish Maakan, CEO, iGTB said, “Digital trade will reduce the cost of trade and finance and lead to more financial inclusion, and in turn yet more trade globally. Our alliance with essDOCS furthers our already extensive programme of partnerships with technology leaders in their field.”

He continued, “It is bound to increase operational savings by creating one standardised process and real time repository. Improving trade transparency and compliance while deploying tools which help to reduce risk, and the ability to automate transaction frameworks, will both play a big role for corporations to stay relevant in the ever-evolving world of trade. This partnership will capitalise on some superb leading-edge technology for trade digitisation, to help reduce time, errors, operational risk and stress in an industry that has for too long been dominated by paper and manual and inefficient processes.”

About iGTB iGTB is the world’s first complete Global Transaction Banking platform from the house of Intellect. iGTB’s software products help Corporate Banks prepare for a new era of customer-centric services. With a rich suite of transaction banking products, across Digital Transaction Banking, Payments, Liquidity, Trade and Supply Chain Supply, iGTB is an authority on integrated products that enable banks to meet their ambition to be the Principal Banker to their corporate customers. iGTB seamlessly integrates all the transaction banking needs of corporate customers, delighting them with the Contextual Banking Experience (CBX), a white label digital transaction banking platform to manage corporates’ cash and trade portfolios. For more information on iGTB, please visit https://www.igtb.com/

About Intellect Design Arena Limited

Intellect Design Arena, a global leader in the application of digital technology, is the world’s first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products. It does so via its four lines of business, namely, Global Consumer Banking, iGTB (Global Transaction Banking), Risk, Treasury and Markets and Insurance Software. With over 25 years of deep domain expertise, today Intellect is a brand name that progressive financial institutions look to for their digital needs, and for digital transformation initiatives.

Intellect pioneered Design Thinking as a key differentiator in the delivery of cutting-edge banking and insurance products and solutions to enable digital transformations. FinTech 8012, the world’s first design centre for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, such that the growing need for digital transformation may be addressed and answered. Intellect generates annual revenues of more than USD 208 million, by serving more than 260 customers through offices in 97 countries. For further information about the company and the various solutions it offers, please visit https://www.intellectdesign.com/.

About essDOCS

essDOCS enables paperless global trade management. Its CargoDocs platform digitizes, automates, and accelerates trade operations, finance, logistics, compliance, and visibility. Its essCert platform digitizes the certification of preferential and non-preferential certificates of origin and other export/import-related documents issued by Chambers of Commerce or other authorities. 58,000+ companies, ranging from 31% of the Fortune Global 100 to innovative SMEs, use essDOCS solutions globally in warehouses as well as bulker, tanker, container, and barge movements. Customers are supported from offices in London, Athens, Galway, New York, Shanghai, Kolkata, Adelaide, and Singapore. To find out more, visit essdocs.com.

Intellect #1 in Transaction Banking by Global IBSI 2021

Intellect Retains its Position in IBSI Leadership Club with its #1 Ranking

Intellect has ranked #1 in Retail Banking for the third consecutive year, #1 ranking in Transaction Banking for the second consecutive year, and #1 in InsurTech in the inaugural edition.

London (UK), June 5, 2021: Intellect Design Arena Ltd, a cloud-native, future-ready, new-gen multi-product FinTech company for the world’s leading financial and insurance institutions, has achieved a remarkable triple win by the UK-based independent analyst, IBS Intelligence. Intellect has been ranked #1 in the world for the Retail BankingWholesale Banking – Transaction Banking and InsurTech categories in the IBS Annual Sales League Table 2021.

IBS Intelligence’s Annual Sales League Table is a widely accepted industry benchmark for the performance of global banking technology solutions. The SLT has been running for over 20 years and recognized as a barometer for financial technology supplier sales performance across the banking industry. COVID-19 and its aftermath, has made this year’s SLT more significant. The IBSI SLT 2021 includes systems purchases made by over 1000+ banks across 180+ products from 60 suppliers across the Americas, Europe, Middle East, Africa, APAC, and ASEAN. The number of deals evaluated this year was 2000+, reported across 150 countries globally.

#1-retail-bankingIntellect Global Consumer Banking (iGCB), the retail banking arm of Intellect, has retained its #1 Global Leadership position in Retail Banking for the third year in a row in a highly competitive segment. iGCB offers end-to-end Contextual and Composable Banking suite for retail and corporate banking across Core, Lending, Cards, Wealth and Central Banking. Its unique blend of integrated functionality and agility is made possible by its microservices-based, API-first and cloud-native architecture.

#1-transaction-bankingIntellect Global Transaction Banking (iGTB),the world’s first complete Global Transaction Banking platform, retains its #1 Global Leadership position in Transaction Banking a highly competitive segment. iGTB spearheads the consumerisation of corporate banking, through contextual, composable hyper-scale technology. Covering over 90 countries, pooling over $35 trillion balances per year and with a rich suite of transaction banking platforms covering all Transaction Banking needs (Digital, Payments, Cash, Collections, Remittances, Virtual Accounts, Liquidity, Trade and Supply Chain and more), iGTB with its associated iGTB Oxford School of Transaction Banking is an authority on integrated products that enable banks to meet their ambition to be Principal Banker to their corporate customers.

#1-insur-techIntellect SEEC leads the IBS SLT 2021 inaugural InsurTech category in a highly competitive segment. It is an insurtech transformation partner with contemporary AI and ML solutions, data insights triangulated from thousands of sources, and agile technology, data science, and consulting teams – taking a strategic approach to tackling the biggest challenges for insurance. Intellect SEEC is a proven leader in Data First Strategy for Commercial Underwriting and has successfully driven one of Europe’s largest transformations in Wealth Management.

With the far-reaching impact of the COVID-19 pandemic, the IBSI Sales League Table 2021 Rankings serve as a reckoner to identify fintech companies that have carved a global niche built on a strong foundation. The need of the hour is to find innovative ways to respond to changing market demands and accelerate the digital transformation journey of enterprises. Intellect is designed to do just that – provide security, innovation, and speed-to-market that empowers organisations to transform from the core, become responsive, and resilient.

RobinCommenting on Intellect’s performance, Robin Amlôt, Managing Editor at IBS Intelligence said, “We applaud Intellect Design Arena’s remarkable hat-trick in ranking #1 in three categories. This achievement highlights the company’s performance in what has been an especially challenging time, showcasing its resilience in this pandemic-hit year.”

arun-jaiExpressing his views on emerging as a leader, Arun Jain, Chairman, and Managing Director, Intellect Design Arena Limited said, “We are proud to be ranked #1 in Retail Banking for three consecutive years, Transaction Banking for two consecutive years and of leading the inaugural InsurTech category, and of being invited to join the leadership club in IBS SLT 2021. This is a remarkable validation for us, proving how our customers rely on our products and reaffirming their faith in Intellect’s Next-Gen Fintech architecture. Our rapid move towards open finance architecture provides the ability for our customers to adopt a flexible, compostable, and contextual product design strategy. This technology upgrade path is winning in many markets. I would like to thank our customers and associates for their confidence in us and for being part of our journey.”

Not only has this year’s SLT recognised Intellect’s sales excellence, but it is also a true reflection of the company’s success and resilience in this pandemic-hit year. Additionally, Intellect is also being rated to be part of the newly-constituted IBSI Leader board for Transaction Banking, Retail Banking – Core, Digital Banking, Private Banking & Wealth Management, Lending, Payments, and Risk & Compliance for the consistent performance over the last 5 years.

About Intellect Design Arena Limited

Intellect Design Arena Ltd. has the world’s largest cloud-native, API-led microservices-based multi-product FinTech platform for the Global leaders in Banking, Insurance, and Capital Markets. It offers a full spectrum of banking and insurance technology products through its four lines of businesses – Global Consumer Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for their digital transformation initiatives.

Intellect pioneered Design Thinking to create cutting-edge products and solutions for banking and insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, addressing the growing need for digital transformation. Intellect serves over 240 customers through offices in 97 countries and with a diverse workforce of solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organisation and its solutions, please visit www.intellectdesign.com.

About IBS Intelligence

Established in 1991, UK-headquartered IBS Intelligence is the leading global pure-play Financial Technology research, news analysis, and advisory firm. IBSI’s Sales League Table is considered the global industry barometer ranking leading banking technology suppliers. Its research reports comprehensively cover global suppliers across all Banking Technology & Financial Technology systems and are also distributed by Thomson Reuters, Bloomberg, and S&P Capital IQ.

IBSI’s Innovation Lab at Dubai brings banks and suppliers together with an opportunity to access the Middle East market and to test and experience global Financial Technology products within the region. The group company, Cedar, is a global management consulting firm with deep expertise in formulating and executing business strategy for financial services clients worldwide with a significant focus on leading their technology and digital transformation.

ENBD & Emirates Islamic, Reimagining Technology Transformation

Miguel Rio Tinto, Emirates NBD speaks about Reimagining and Reinventing Technology Transformation at Scale

With the launch of the businessONLINE – Emirates NBD’s next-generation global corporate banking platform the group-wide, single instance, omnichannel platform, delivers a full suite of cash management, trade finance, and liquidity management solutions by reimagining and reinventing Technology Transformation at scale to the bank’s clients – ranging from small and medium-sized businesses to large corporations and government institutions.

Emirates NBD’s ‘businessONLINE’ is a new, comprehensive digital global cash management ecosystem that gives corporates the control they need across all their financial relationships, accounts, and activities – all on one user-friendly platform, powered by iGTB’s Digital Transaction Banking Enterprise Suite CBX.

CWB’s Cloud-Based Payments Service Hub powered by iGTB

CWB partners with Intellect Global Transaction Banking to enhance payments service technology for business owners

London, May 31, 2021 – Canadian Western Bank (CWB) is proud to announce a new partnership with Intellect Global Transaction Banking (iGTB) that advances how clients experience CWB’s payments and cash management services. iGTB, ranked #1 in the world for transaction banking by IBS Intelligence, will provide CWB with its cloud-based Payments Service Hub (PSH), powered by Microsoft Azure, that will enable more efficient payment capabilities and opportunities to rapidly meet the evolving needs of Canadian business owners. The solution is architected on a cloud-enabled technology for the high availability and scalability needed for a payments platform. It uses sophisticated In-memory caching, application server and database clustering, and load balancing to cater to the millisecond response times needed for instant payments. The move advances CWB’s digital transformation and commitment to deliver premium client experiences while strengthening iGTB’s position as an international market leader among cloud-based payment service providers.

Jeff

“Partnering with iGTB means we can provide our clients with a single point of client interaction and information for payments and new payment offerings,” says Mr. Jeff Wright, Senior Vice-President, Equipment, Digital & Client Solutions at Canadian Western Bank. “Business owners need a financial partner that can innovate at the pace of their growth, and iGTB elevates our ability to stay on top of what they need while enabling us to deploy market-competitive payment offerings, reduce manual activities and lower payment costs. With a modernized and fulsome view of our clients’ payment activities, we can continue to deepen the high-touch relationships our clients expect from CWB.”

Manish Maakan

Commenting, Mr. Manish Maakan, CEO, iGTB said, “This strategic six-year managed services partnership solidifies our third cloud deal in Canada. iGTB’s new easy-to-use PSH on the cloud as a managed service lays the foundation of our offering to Canadian banks and credit unions, as well as to financial institutions around the world.”

Mr. Maakan added “I am proud to be associated with CWB on this payments transformation as they have set the benchmark around customer centricity, allowing them to differentiate, modernize and control their payments offering, positioning themselves for growth in Canadian financial services. This also reinforces the strength of our relationship with Microsoft, a trusted provider with Azure for mission-critical systems such as payments. We will be making further exciting announcements on our offerings on the cloud as a managed service in the coming quarters.”

Suzanne

“Companies like Intellect Global Transaction Banking and Canadian Western Bank demonstrate the digital innovation that is possible in the financial sector,” said Suzanne Gagliese, One Commercial Partner lead, Microsoft Canada. “Delivering payments on the cloud enhances the customer experience while harnessing the flexibility, power and security of Microsoft Azure.”



CWB’s Cloud-Based Payments Service Hub powered by iGTB

About Canadian Western Bank:

Canadian Western Bank (TSX:CWB.TO) is a chartered, full-service bank that offers business and personal banking solutions and expertise, along with an unwavering obsession with our clients’ success. We’ve offered customized financial solutions for over 35 years, and operate with a clear focus on meeting the unique financial needs of business owners. Through our network of branches, business offices and mobile relationship teams, we help clients grow their businesses, manage their money, and realize their financial potential. Learn more at https://www.cwbank.com.

The World’s Best Corporate Banks Bank on iGTB

About iGTB:
iGTB is the world’s first complete Global Transaction Banking Platform from the house of Intellect helps Corporate Banks prepare for a new era of customer-centric Services. With a rich suite of transaction banking products, across Payments, Digital, Liquidity Management, Virtual Accounts, Trade, and Supply Chain Finance, iGTB is an authority on vertical and integrated products that enable banks to meet their ambition to be the Principal Banker to their corporate customers. iGTB seamlessly integrate all transaction needs of corporate customers, delighting them with Contextual Banking eXperience (CBX), a white label digital transaction banking platform to manage firms’ cash and trade that leverages Machine Learning and predictive analytics, delivered through APIs and an omnichannel UX. For more information on iGTB, please visit https://www.igtb.com/

About Intellect Design Arena Limited

Intellect Design Arena Ltd., a global leader when it comes to applying true digital technology, is the world’s first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products. It does so via its four lines of business, namely, Global Consumer Banking, iGTB (Global Transaction Banking), Risk, Treasury and Markets and Insurance Software. With over 25 years of deep domain expertise, today Intellect is a brand name that progressive financial institutions look to for their digital needs, and for digital transformation initiatives.

Intellect pioneered Design Thinking for cutting-edge banking and insurance products and solutions, with that being the company’s salient differentiator when enabling digital transformation. FinTech 8012, the world’s first design center for financial technology, reflects Intellect’s commitment to continuous and impactful innovation, such that the growing need for digital transformation may be aptly addressed and answered. Intellect generates annual revenues of more than USD 208 million, by serving more than 200 customers through offices in 90+ countries. For further information about the company and the various solutions it offers, please visit https://www.intellectdesign.com/.