Neoteric allure of Cash Management Automation for SME’s

The neoteric allure of cash management automation for small businesses. It is time for a reality check…

“Making more money will not solve your problems if cash flow management is your problem” Robert Kiyosaki

Living in a rapidly expanding North Dallas suburb, my family is a big supporter of small sized businesses which are in plenty here. I like the fact that their services are unique with an individual identity that define them. Many of these local business owners are good friends of mine, and in recent times, I have heard scintillating stories about “surviving the great cash management crisis of 2020”, and I don’t have to go into the rationale of what caused the situation – we all know…

That said, the ever-resonating theme about managing money “smartly”, is something that I constantly hear from these local businesses, and it resonates so well with the quote above by Robert Kiyosaki, so much so, that I am literally reproducing it from a poster that one of my friends actually has hanging at the entrance to his modest office, and serves as my inspiration to write this article.

So why is this about the neoteric allure of cash management automation?

A typical google search will reveal more than 180 million hits in about 0.68 seconds to what a gazillion experts think about managing cash flows better. So you may want to ask me what really is neoteric (which by the way is a fancy way of saying modern) about this concept, and you may be tempted to caution me about peddling “old-wine-in-a-new-bottle”.

Bear with me while I explain further…

So first off, let us put a pin on some simple statistics that are common knowledge (or in other words, I am not making this up)

  • The US has more than 32 million small businesses,
  • that account for about 99% of all US businesses,
  • and they create 64% of new jobs annually,
  • and about 31% of them closed down in recent times,
  • and almost all of them due to their cash flows being unmanageable

In another intriguing statistic for 2020, the number of new small businesses that opened in the US (4.4 million) was more than the number of new born infants (3.6 million) and about 90% of these businesses closed down, a majority of them citing lack of sufficient cash flows as a primary reason.

That said, a fortunate number of these businesses survived the pandemic, by either –

  • re-structuring their businesses, where possible, to online selling models,
  • focusing on improving their product / service quality,
  • or focusing on better customer retention strategies

But the bigger takeaway was that a significant majority of the surviving businesses realized that their primary focus now would be on increasing stability to their cash flows.

No surprises there. I actually asked this specific question to every one of my local small-business-owner-friends, and got a unanimous YES from all of them on this specific criterion.

So coming to the point of why this is a neoteric allure…

These businesses have been asking, nagging and in some cases, demanding their banks to provide them with the right (and simple) solutions to manage their money and cash flows better. The banks have been listening – Literally every bank that I speak to as a part of my job on a daily basis have shifted their focus (or are in the process of doing so) to this hot segment of opportunity, and the drive to become their client’s principal banker is a mantra that I am sure they chant every morning as they start work.

On the other hand, the mammoth technology solutions that were traditionally driving cash / liquidity management solutions that these same banks provided to their large corporate clients were seen to be way too complex and confusing for these smaller businesses, so….

  • out goes the theory about old-wine-in-a-new-bottle, and…
  • in comes our neoteric allure – Which in this context is literally the re-invention of the compact and simple automation of cash management solutions that are tailored for these small businesses

So what really are these small businesses asking for?

Once again, I am not going to make this up. I actually spoke to literally every one of my local business owner friends and asked them this question. Their responses were predominantly unanimous.

I am a big fan of the Latin principle of “Omne Trium Perfectum”, or what many of us commoners refer to as “Good things are perfect in threes”, and that applies in this case too. So here are the three big asks of these small businesses, and there is absolutely nothing fancy about their needs.

1. “TRUE” CASH VISIBILITY

You may say “my bank gives me an online banking system that shows me the balances real-time, so what’s the big deal?”

Fair point, but what these business want is just a little bit more. They want to –

  • see a simple summary that consolidates all their accounts across ALL their banks (not just the bank’s website they are logging into)
  • see all their DDAs, loans, cards, investments together
  • view all their business and personal accounts in one pace, yet keep them visually distinct
  • view all their accounts across different physical locations in one place (some of my friends have their businesses running in multiple Texas cities)
  • get simple alerts about situations when balances go below (or above) a certain threshold
  • view, and be reminded about all invoices and bills that they have to pay and get paid for

Simple needs, right? Note that almost every one of these businesses do this today on spreadsheets and they spend 60 to 90 minutes every day on just these simple tasks which could otherwise be automated via simple tools that their banks can provide them

2. “SMART” CASH FLOW FORECASTING

Once again, this is a task that in the past (and sadly even in current times) has been achieved through spreadsheets by these small businesses, while those that could afford fancy tools subscribe to them at a higher cost, paying for complex solutions to solve a simple set of needs, which are to –

  • create simple forecasts for one or multiple accounts to create short term (10-15 days) forecasts
  • view easy-to-interpret visual representations of their cash flows, past, present and future
  • and since we are talking about future, a smart use of AI / ML to predict how the cash flow is going to look like in coming days / weeks (not months / years)
  • add these predictions into the cash flows to see the potential impact
  • pull in data from invoicing / accounting data (even excel or manually entered data) to make the data complete
  • play around with the data to create “what-if’s”

3. “AUTOMATED” CASH CONCENTRATION

As I mentioned earlier, many of these businesses have accounts in multiple locations and banks, and what may seem to be simple task to optimize their cash positions across these accounts is a herculean task that takes them multiple spreadsheets and manual fund transfers across multiple bank websites. So what they truly need here is the ability to –

  • setup very simple rules (no complex liquidity management sweeps, please) for automated cash movement / concentration across multiple accounts within or across banks
  • automate the movement of this money at specific frequencies (some of them told me that they even do this daily, and others weekly) and at a specific time of the day
  • get a nice and crisp report that shows the details of all the automated money movements in one view

So what do banks need to do to help their customers with this?

Some banks have already started implementing simple tools to help their customers in one (or maximum two) of these areas, but unfortunately only a very small subset of these banks are truly addressing all the three needs described above as one holistic solution for their customers.

In my view, what banks needs to be doing is to –

  • UNDERSTAND the emotional and contextual needs of the customer and their interactions. Banks are investing heavily in this space and looking at how the digital experience can become a lot more contextual by deriving the right intelligence from interactions and past historical trends of customers (I call this “Consumerization of Commercial Banking” – My earlier article on this topic can be accessed here)
  • SIMPLIFY the solution with very light components enabled through a self-service digital experience that is tailored for smaller businesses and avoid leveraging large liquidity management solutions typically used by large corporates
  • MODERNIZE their ability to integrate with the broader banking ecosystem by reducing dependency on prior file-based data sharing mechanisms like MT940/950, and replace them with API based ecosystems that enable instantaneous and real time sharing of data through an Open Banking framework
  • STRENGTHEN their technology infrastructure to focus on increased automation and customer self-service enablement, thereby REDUCE operational costs significantly

This is one space that I am curious to see evolving in the coming years, and I know that I will hear more about it from my local business-owner friends…

About the author

BalakrishnanPersonal blog of Balakrishnan Narasimhan, Senior Vice President and Head of Solution Consulting, iGTB – Digital, Payments and Cash Management – Americas


Disclaimer: The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author’s employer, organization, committee or other group or individual

Talk to the Author

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Intellect Announces Appointment of Uppili Srinivasan as President

Business Head for Digital, Payments and Liquidity recognised for outstanding contribution

London, February 1, 2022: : Intellect Design Arena Ltd, a cloud-native, future-ready, multi-product FinTech company for the world’s leading financial and insurance clients, today announced the appointment of Uppili Srinivasan, Business Head for Digital, Payments and Liquidity, as a President of the company

Mr Uppili Srinivasan, fondly known as Upps, has been a key figure in the development of what is now Intellect Design Arena for thirty years. Starting in 1992 soon after his graduation from BITS, Pilani, Mr Srinivasan had many successes at Citicorp Overseas Software unit (COSL), He then became a key figure in Polaris, leading a large Business Solution Center, and most recently has been a senior leader with Intellect Design Arena, where he has donned multiple caps, from Pre-Sales, Solutioning, Engineering, Delivery to Business Leadership – all successfully. Mr Srinivasan also has many wins and accolades to his credit: he has been a part of every significant deal that the business has won in its journey.

From designing Intellect’s first Digital product, Contextual Banking Experience (CBX) – which has been licenced by many banks, is used by corporations throughout the world, and remains at the technological edge with its latest MACH-compliant incarnation – to delivering the liquidity platform from Intellect Global Transaction Banking (iGTB) that runs over $4 trillion sweeps and $35 trillion notional pools per annum, he has worked on practically every single IP platform of COSL/Polaris/Intellect, from Core Banking to Lending to Corporate Banking. Mr Srinivasan now leads one of the key successful business units that power Intellect’s success in the Western hemisphere.

Arun JainMr Arun Jain, Chairman and Managing Director, Intellect Design Arena Ltd, commented, “Intellect is now well advanced on its transition from a product company to a fintech platform, and I am delighted to appoint Upps, an astute business manager who focuses on end-to-end value creation, as a President of the company in recognition of his contribution.” He added “A significant contribution from Upps has been the number of leaders he has groomed that are today in pivotal roles across Intellect. We see Upps as a holistic and inspirational leader – for his passion, ability to put the organisation and team ahead of himself, result orientation, focus on the last 2%, customer centricity and above all honest, hands-on leadership approach.

SrinivasanMr Srinivasan said “I am honoured to be recognised in this way and it has been a tremendous journey. Creating value for banks is a passion of mine and with Intellect I have been fortunate to be able to do that across products, markets and customer segments. Intellect is a unique place that values and encourages personal and business growth. I look forward to steering my business and Intellect itself as we fulfil their huge potential with growing shareholder value in the years to come.”

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

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. For further information about the transaction banking solutions offered by iGTB, please visit https://www.igtb.com/

Cloud-native, Virtual Account Management as SaaS offering

Redefining reconciliation, sub-accounting and liquidity management services for corporates with industry specific user journeys and ready to be wired into a bank’s transaction banking ecosystem

London, January 24, 2022: 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 announced its fully cloud-native Virtual Accounts platform, available as a SaaS offering.

iGTB’s Virtual Accounts Management 2022 goes well beyond the traditional use of virtual accounts for reconciliation. The solution now means a bank can offer sophisticated POBO and COBO services and manage inter-company positions, thereby allowing its corporate clients to create and operate fully-fledged in-house banks. Combined with immediate payments, reconciliation can be real time and straight-through, freeing up significant working capital for corporates. This is offered via very powerful self-service and API-based integration with corporate ERPs

The offering is available as SaaS in partnership with AWS and Azure, with ready cartridges for integration with a variety of core-banking systems implying very quick time-to-market and significant reduction in the overall TCO.

 Manish MaakanAccording to Mr. Manish Maakan, CEO, iGTB, “I am delighted to bring this major opportunity to provide banks with radical product innovation. iGTB’s Virtual Accounts Management brings true customer-centricity to corporate banking products. It empowers corporate clients to bank the way they want to, using made-to-measure virtual accounts to liberate them from the complexities and constraints of regulated bank account management.”

“We are seeing an uptake especially in the United States and also industry-focussed cases in Europe, Asia-Pacific, the Middle East and Australia. It’s especially pleasing to launch another aspect of the contextual revolution we are proud of and that iGTB is spearheading: we are committed to the consumerization of corporate banking. This goes further, and democratizes corporate banking.”

Mr. Maakan added “The key advantage is that, with this offering, banks don’t need to revamp their entire transaction banking infrastructure to offer virtual accounts. The solution can co-exist with the bank’s existing product processors and the channel solution – enabling the customers to transact with virtual accounts just like they do with physical accounts. Now banks can offer powerful reconciliation services, enable robust payment factories, and enable clients to manage third party monies using the iGTB’s latest Virtual Account Management 2022 solution.”

Key highlights

iGTB has more than 15 years of expertise in Virtual Account Management technology, with over 20 banks using Virtual Account Management serving 18 countries across 5 continents.

  • MACH compliant (microservices, API-first, cloud-native, headless)
  • API-first, approach enables easy wiring into the bank’s ecosystem
  • 70-80% efficiency improvements in reconciliation will drive costs down, contribute to increased business and free up working capital
  • Eliminates two thirds of cash concentration needs
  • Lightweight core banking solution: less is more
  • Simple liquidity solution with in-house banking
  • Fully self-service ready
  • Limited or no need for localisation or customization
  • Easily embedded into the customer’s financial life cycle
  • Increases stickiness with better cash management
  • Monetizes using subscription and transaction fee models
  • Rollout on your current infrastructure
  • Pay-as-you-grow model with a cloud native service
  • Tailored plugins’ for over 30 specific industries such as Finance, Automotive, Leasing, Mobile, Real estate and more

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. For further information about the transaction banking solutions offered by iGTB, please visit https://www.igtb.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 serves over 260 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 organization and its solutions, please visit www.intellectdesign.com.

Acceleration of Liquidity Management

The white paper draws on research carried out by Coalition Greenwich in collaboration with iGTB demonstrating the need to accelerate liquidity management.

Joshua CohenJoshua Cohen, Head of Liquidity, iGTB demonstrates that with 57% of corporates citing Liquidity Management as a top business priority for the next 6-12 months, it is by far the most frequently mentioned business priority. Corporates need their banks to adapt and deliver new tools as they grapple with adjusting to new ways of working and of managing cash.

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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.