PAYABLES FINANCE: A GUIDE TO WORKING CAPITAL OPTIMISATION: Anand Pande credited as key contributor to the white paper

The white paper “Payables Finance: A Guide To Working Capital Optimisation” published by Deutsche Bank at the Supply Chain Summit in Frankfurt, Germany, features iGTB’s Anand Pande, Head of Supply Chain Finance and Trade as a key contributor.

The report highlights the progress of SCF and the payables finance business to its current position as a core working capital and supply chain management tool, and how to address its potential going forward.

To learn how you can transform your SCF & Trade Finance business, please fill in the below form to get your copy of the Deutsche Bank white paper.



Bank of Baroda’s new digital Supply Chain Finance solution from iGTB

London (UK), January 17, 2018: Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, has implemented a comprehensive supply chain finance platform for Bank of Baroda, India’s International Bank.

With a $418 billion finance gap in the Indian SME sector alone, the roll-out of the digital platform will extend new financing and working capital opportunities to the bank’s numerous clients – and their partners – expected to boost the number of digital transactions across the nation. Prime Minister Narendra Modi’s “Digital India” initiative – which aims to drive economic development through wide-ranging digital transformation across the country – has set an ambitious target of reaching 25 billion digital transactions in 2017-18.

Furthermore, increasing trade across a country rapidly establishing itself on the global stage is a high priority – India’s exports of $261 billion are up by 47.7 per cent since 2009, and its internal trade as a proportion of GDP is at a healthy value of 54 per cent.

Finally, by supporting the bank’s manufacturing clients across the country, the platform is helping Modi’s “Make in India” initiative become a reality – transforming India’s economy into to a world-class manufacturing hub.

The solution provides a full range of supply chain finance products – covering pre- and post-shipment, vendor finance, dealer finance and payable finance – and is highly flexible and scalable, with an omni-channel user interface that supports rich analytics. By increasing automation and straight-through processing, while enhancing reporting capabilities, the platform should drastically reduce transaction costs and risks while uplifting satisfaction of the bank’s clients.

Mr. Litesh Majethia, Head of Supply Chain Finance, Bank of Baroda, says: “With this latest state-of-art digitized SCF product, we are now live with a few large corporates and many more in the pipeline. With this product we will be augmenting our relationship with Large Corporate Customers and SME clients. This product will help us enter new Large Corporate Relationship and MSME clients. In line with our Prime Minister’s “Digital India”, “Make in India”, “Stand-Up India” initiatives, this solution will augment the strength of the companies that are driving the country’s growth – opening up new financing opportunities for companies of all sizes via a cutting-edge digital product. We have received positive & encouraging response from many of the customers and they are happy that Bank of Baroda’s SCF product is not only delivering value in terms of speed of transactions and information but is very swiftly acquiring dealers & vendors. This product will empower the Bank and give us competitive positioning in the market, highlighting our intent as a leader in the field of Supply Chain Finance. This project is an example of transformation agenda that we are driving in the Bank: Digitization, Centralisation, and seamless & faster Transaction Processing.”

Manish Maakan, CEO of iGTB, says: “Our strong experience in supporting other Indian banks and financial institutions means our supply chain finance offering is the most mature and sophisticated it has ever been. Supply chain finance – when done properly – provides banks with an opportunity to become a valuable partner in their clients’ supply chains and ensures sustained growth and profitability of clients and their business partners. We are delighted to see Bank of Baroda seizing this through their digital leadership, and we are committed to playing an ongoing role in their transformation.”

David Bannister, Principal Consultant from Ovum wrote, in an in-depth case study, how Bank of Baroda is rapidly acquiring market share and making money from Supply Chain Finance. He details how the bank partnered with the digital transaction banking expert, iGTB, to contribute to the digital vision of the 6th largest economy in the world. The complete case study is available in the below link for read and download http://bit.ly/2mEJZB1

About Intellect Design Arena Ltd:
Intellect Design Arena Ltd, a specialist in applying true digital technologies, is the world’s first full spectrum Banking and Insurance technology products company, across Global Consumer Banking (iGCB), Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets (iRTM), and Insurance (Intellect SEEC). 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 for 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 centre for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect generates annual revenues of more than USD 136 million, serving more than 200 customers through offices in 40+ countries and with a diverse workforce of more than 4,000 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 intellectdesign.com. For information on the solutions for global transaction banking, please visit igtb.com.

About Bank of Baroda:
Bank of Baroda is an Indian state-owned International banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. It is the second largest bank in India, has corporate office in Mumbai. Bank of Baroda is a pioneer in various customer centric initiatives in the Indian banking sector. Bank is amongst first in the industry to start technology and new business initiatives.

Bank has a long legacy and tradition of contributing actively to the social and economic development of the communities in which it operates through various development activities in the realm of education, health, human welfare and other social activities. Bank of Baroda always transcends from business interest and reaches out to all segments of society, with a view to make a meaningful difference to them.

For Media related info, please contact:
Nachu Nagappan,
Intellect Design Arena Ltd
Mob: +91 89396 19676
Email: nachu.nagappan@intellectdesign.com

For Investor related info, please contact:
Praveen Malik,
Intellect Design Arena Ltd
Mob: +91 89397 82837
Email: Praveen.malik@intellectdesign.com

ENTERPRISE CASE STUDY: Building on New Banking Environments

David Bannister, Principal Consultant from Ovum writes, an in-depth case study, how a late entrant bank rapidly acquired market share and made money from Supply Chain Finance. He details how the bank partnered with the digital transaction banking expert, iGTB, to contribute to the digital vision of the 6th largest economy in the world.

Small and Medium Enterprises (SMEs) contribute about 28% to the GDP but were poorly served by the pre-existing banking system, largely relying on money lenders and private investors, with a funding gap of around $418bn. So the bank made the strategic decision to launch new products providing supply chain finance services to corporates and SMEs by partnering with iGTB.

Though a late entrant, Bank of Baroda was convinced that, with iGTB’s Supply Chain Finance digital platform, they can get more market share and bridge the gap with the established players. Within a few weeks of going live, iGTB enabled Bank of Baroda to achieve 10+ anchor clients, over $50m facilities and, unusually for SCF, full automation (100% STP).

To read more please fill in the below form to get your copy of the ENTERPRISE CASE STUDY: Building on New Banking Environments white paper



iGTB launch Digital Transaction Banking available as SaaS

iGTB’s DTB solution launches on the cloud for easy, fast accessibility for any size bank

London (UK), 29th September, 2016: Intellect iGTB, the organisation behind the world’s first comprehensive global transaction banking solution, has made its well-established global integrated cash and trade solution, Digital Transaction Banking (DTB), available as software as a service. DTB comprises account services, reporting, collections and receivables (including EIPP), liquidity, trade finance, supply chain finance and treasury products, all seamlessly integrated. The product continues to experience great success and increasingly, banks are requesting a software deployment model that gives an even faster and simpler way to access these services. This is based on the model bank concept with many pre-configured elements and a comprehensive set of tried-and-tested customer journeys.

The solution, which has over 70 installations, has a track record of increasing customer numbers by 32% year-on-year in one bank, and even more impressively a doubling of customer base in just 9 months in another, the solution consistently demonstrates other benefits such as profitability increase, very high STP and FTE reductions. It is no surprise therefore that many banks are utilising the service in tens of countries. Now, the cloud aspect allows banks to simply switch on and go.

The solution was designed for, and has been implemented by, banks across the spectrum from small to regional to global, and in turn used by their business customers of all sizes. But the new availability on the cloud will be of value, in particular to local and primarily domestic banks, as it allows them to bypass more costly and long-term investment and implementation procedures by eliminating the need to physically integrate the technology solution into their existing systems. Instead, they can access the software as a service and seamlessly use it for onboarding any of their customers simply.

This new form of accessing such a solution means that banks can exploit the opportunities presented by the $12 trillion held in corporate cash. From relationship managers to CDOs, Heads of Transaction Banking and COOs, banks are asking how they can improve customer stickiness, revenue, efficiency and use of resources – and provide their customers with a single view across cash and trade processes via any device, including tablets, mobile phones, laptops and wearable technology such as the Apple Watch. This solution will allow them to meet both those bank needs and those of their corporate customers without siloes and in the optimal manner for varied client segments.

iGTB CEO Manish Maakan comments “Banks need, and are rightly demanding, the ability to offer new and enhanced services in a simpler manner. By accessing our proven existing solution via the cloud, any banks – particularly those whose concerns are more locally focused – can gain benefits that deliver significant value, all in a remarkably short space of time.”

About Intellect Design Arena Ltd:
Intellect Design Arena Ltd, a specialist in applying true digital technologies, is the world’s first full spectrum Banking and Insurance technology products company, across Global Consumer Banking (iGCB), Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets (iRTM), and Insurance (Intellect SEEC). 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 for cutting-edge products and solutions for Banking and Insurance, with design being the company’s key differentiator in enabling digital transformation. FT8012, the world’s first design centre for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect generates annual revenues of more than USD 124 million, serving more than 200 customers through offices in 40+ countries and with a diverse workforce of more than 4,000 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 intellectdesign.com. For information on the solutions for global transaction banking, please visit igtb.com.

iGTB signals US growth ambitions with transformation strategist and business development hire

Ravi Pandit joins corporate banking technology specialist iGTB from Backbase, where he oversaw a significant increase in their US coverage and scale

New York (US) & London (UK), January 12, 2018. Intellect Global Transaction Banking (iGTB), the corporate banking and technology specialist from Intellect Design Arena Limited, has appointed Ravi Pandit as EVP & Head of Sales, USA. Ravi has almost two decades of experience in financial services business development in North America, and his appointment underlines iGTB’s ambitions to extend its market-leading products across the wider US market.

Ravi will be based in iGTB’s large New Jersey US headquarters and will be responsible for spearheading the company’s further expansion in the US – bringing on board strategic banking clients that are undergoing significant digital transformations in response to fast-changing market conditions.

Commenting on the appointment,Manish Maakan, CEO at iGTB, says: “Ravi’s appointment is a big win for us. Aside from his success at Backbase, his global consulting experience with Capgemini will inspire confidence among top-tier bank executives overseeing widespread digital transformations, and his time at Oracle gives us an invaluable insight into how to win against leading brands to bring our own offering and quality of work to new clients. I’m truly excited at the progress that we can make with Ravi’s appointment.”

Ravi joins iGTB from Backbase USA, where he headed global business development and strategic partnerships for just over two years. During his time there, he oversaw a quadrupling of the company’s headcount, and a number of key accounts were added, not only in the US and Canada, but also in countries such as Brazil, Mexico, and Colombia.

Ravi’s role prior to Backbase as head of strategy and transformation practice in Financial Services at Capgemini demonstrates his global advisory experience with large digital transformations, and prior to this he spent more than 14 years at technology giant Oracle, where he was heading sales, business development and product strategy for core banking business in North America.

Ravi Pandit comments: “With new initiatives such as real-time payments forcing US banks to undergo large-scale digitalizations while continuing to provide top-level services to clients of all sizes, many US technology vendors simply aren’t offering the necessary technologies or implementing these in a seamless, non-disruptive way. With the transformational contextual banking approach – which asks, “what if your digital solution actually understood, even anticipated, what your business is trying to achieve?” – iGTB has the product range and expertise to balance these requirements, and is positioned perfectly to seize the opportunities the US market has to offer.”

Maakan concludes: “iGTB is on a journey. We have a strong track record across Canada, Europe, Middle East and Asia, and now we want to increase our footprint in the US, where there is the space for us to grow and a great match between what the market is crying out for and the ground-up API products we offer.”

About Intellect Design Arena Ltd
Intellect Design Arena Ltd, a specialist in applying true Digital Technologies and a global leader in Financial Technology, is the world’s first full spectrum Banking and Insurance technology products company, across global consumer banking (iGCB), Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets (iRTM), and Insurance (Intellect SEEC). With over 25 years of deep domain expertise, Intellect is the brand, progressive financial institutions rely on for digital transformation initiatives. Intellect pioneered Design Thinking for cutting edge products & solutions for Banking and Insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design centre for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation addressing the growing need for digital transformation. Intellect generates annual revenues of more than USD 136 million, serving more than 200 customers through offices in 40+ countries and a diverse workforce of more than 4,000 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 intellectdesign.com.

THE CONTEXTUAL REVOLUTION: Cash management’s answer to Amazon and Siri

In a world of little mercy and even littler margins, we have watched them retrench, chasing ever-stricter economies to protect their bottom lines. But there is only so far you can tighten your belt before something spills out. And this is not an outcome banks can afford.

As the digital revolution thunders on, a growing number of competitors pose novel threats – with specialist technology companies and even tech-savvy corporations from other industries waiting in the wings. Talk of disruption is ceaseless, and in these straitened circumstances, banks have no choice but to dismantle their boundaries and find new ways to serve their customers to grow their businesses.

To read more please fill in the below form to get your copy of the Contextual Cash Management white paper



PAYMENTS DONE PROPERLY: Contextuality holds the key to operational efficiency

Banks have focused on what they offer and not what their clients are trying to do. Consequently, clients making a payment are typically presented with esoteric choices – “Do you want to use a wire payment? BACS? CHAPS?” It’s like an airline asking its passengers what fuel they want for their flight.

But what if banks didn’t work like this? What if they took the time to understand their clients’ relationships and intentions and used that information to answer these questions themselves? The relevant invoices, some historical data and an intelligent algorithm would be enough to automate the process. Suddenly, instead of placing barriers between a treasurer and his business, banks are removing them: “Need to make a payment? Here are your fastest, cheapest and safest options, based on your context.” Now that’s service.

To read more please fill in the below form to get your copy of the PAYMENTS DONE PROPERLY white paper



Supply Chain Finance – The Past, Present and the Promising Future ?

Anand Pande, Global Product Chair, Trade & SCF and Founder GPP, runs through the history of supply chain finance and looks at where it’s headed in the near future.

In a recent article by The Economist, I was cited as describing supply chain finance as “a land of unrealised promise”. The piece focused mainly on post-shipment financing programs offered directly by banks or indirectly through technology companies – with a revenue pool of USD 2.8 billion dollars attributed to this kind of buyer centric or reverse factoring supply chain financing programs. .

In my opinion, banks and especially the freshly minted fintechs in the lending space should also be looking at pre-production financing flows on the supplier side, along with inventory financing flows on the demand or sales side. Combined, these would swell supply chain finance revenues pools in excess of USD 300 billion dollars (according to estimates from the Growth Paradigm Partnership). This may also be the reason that supply chain finance revenues for banks have underperformed at just 10% to 25% of their total trade revenues, despite 80-90% of global trade flows being dominated by open account supply chains.

Banks were bolder in the early 90s when it came to addressing financing gaps through pre- production supplier financing. Funding was offered based on irrevocable purchase orders, transmitted either through ERP integrations or H2H connectivity between big global corporations in the retail industry, especially in clothing and the accessories sector. The technology switch that saw purchase orders transmitted from global corporations to the multiple country locations of global banks in the emerging growth markets of Asia, Eastern Europe and South America was a win-win – securing much-needed SME financing and the acquisition of new SME clients for banks, while simultaneously bringing sustainability and stability to supply chains.

Fast-forwarding past the global financial crisis to the present, most of the supply chain finance programs supported by technology are focused on providing relatively safe post-shipment financing backed by buyer-accepted invoices. The supporting technology typically consists of either a proprietary bank platform or a multi-funding bank-agnostic platform provided by one of the various technology companies that seem to be being founded on an almost daily basis. Both these bank and non-bank platforms, however, address only a small portion of the market, while scalability remains an ongoing challenge due to on-boarding, KYC, legal, accounting and multiple jurisdiction documentation challenges.

Emerging technologies such as artificial intelligence, natural-language processing, and robotic process automation will undoubtedly play a definitive role in bringing about efficiencies in the SCF space. However, to achieve commercial success and revenue growth, banks must also look at replacing their conventional risk assessment and compliance models (focused on balance sheet and P&L statements) with more dynamic models that utilise both quantitative and qualitative tools.

The quantitative tools will be powered by high-end analytics, which look at matching accounts payable and receivable data from the large buyer or seller’s ERP with the invoices raised, as well as the actual payments received in the supplier’s bank account. A sophisticated web-scraping tool, backed by machine-learning algorithms, will then carry out the next level of analysis to identify suppliers with strong performance track records.

The qualitative tools will further enhance the risk assessment process by gathering and analysing data from various social media sources, as well as multiple government, company affairs and credit bureau databases, including information on taxes, litigations, tax payments, salary payments and employee CPF contributions.

The qualitative tools will further enhance the risk assessment process by gathering and analysing data from various social media sources, as well as multiple government, company affairs and credit bureau databases, including information on taxes, litigations, tax payments, salary payments and employee CPF contributions.

Blockchain solutions, meanwhile, promise to bring further efficiency to the supply chain finance process. But to progress, these will need to move from disparate standards towards either interoperability or a uniform standard. Clarification from governments as to the legal enforceability and validity of smart contracts is another pre-requisite for building critical mass – and one which needs to be resolved on an urgent basis.

Of course, the technology available today is already enabling banks to make big strides with their offerings – and SCF is showing signs of clear profit potential. One of our client banks with 5000 plus branch network in just a few weeks in following the implementation of a new straight through processing product and is already achieving tens of millions of dollars of disbursements. More banks – and more profit – will surely follow.

Anand Pande is Global Product Chair, Trade & SCF, at iGTB and Founder of the GPP

Aite Report into Wholesale Banking APIs Gives iGTB Top Rating on all Six Measures

In the first comprehensive survey of transaction banking vendors, highlighting the importance of APIs, the highly respected analyst firm Aite awards iGTB all four quadrants for every API use case.

London (UK) & Chennai (India), November 20, 2017. Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, is delighted to have been recognised by respected industry analyst Aite Group, pitted head-to- head against 10 other providers surveyed worldwide, as attaining the highest category, “Ready for wholesale banking API open competition” on all six of its measures: API development, APIs developed for wholesale banking services, API sandbox, API connectivity, API management and API analytics.

Enrico Camerinelli, Senior Analyst, Aite Group says “Wholesale banks need to assess their role in the application program interface (API) ecosystem and champion the development of new products and services, or they will be disintermediated from their customers, and risk being relegated as back-end hidden utilities.” He adds, “Aite Group recommends that banks assess an API vendor based on the vendor’s ability to run the key API development and service drivers of the application layer.”

Manish Maakan, CEO, iGTB comments. “With over 175 product installations in over 70 transaction banks serving clients in 85 countries, iGTB has been offering the world’s first global, complete transaction banking platform for many years. Given our 4-year investment in ground-up- APIs, and cloud-native technology across all of transaction banking, front to back, I am delighted, though not surprised, to be recognised at the highest level as number one for APIs.”

Camerinelli continues: “Intellect has built a stack based on atomic services (i.e., micro services) that abstract the underlying back-end systems away from the consuming applications and their interfaces.”

Maakan adds: “This is part of our mission to bring contextual banking to banks’ clients from SME to MNC with our ground-breaking Contextual Banking Experience product (CBX), and is behind many recent wins. With the Contextual Banking Experience, your digital offering seems to actually understand – even anticipate – what the business is trying to achieve, and so up-sell and cross-sell directly, as we outline in our recent White Paper ‘Contextual Banking: Cash Management’s Answer to Amazon and Siri’.”

About Intellect Design Arena Ltd:
Intellect Design Arena Ltd, a specialist in applying true digital technologies, is the world’s first full spectrum Banking and Insurance technology products company, across Global Consumer Banking (iGCB), Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets (iRTM), and Insurance (Intellect SEEC). 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 for cutting-edge products and solutions for Banking and Insurance, with design being the company’s key differentiator in enabling digital transformation. FT8012, the world’s first design centre for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation.Intellect generates annual revenues of more than USD 124 million, serving more than 200 customers through offices in 40+ countries and with a diverse workforce of more than 4,000 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 intellectdesign.com. For information on the solutions for global transaction banking, please visit igtb.com

iGTB’s CBX 18 launches the contextual revolution

The comprehensive digital transaction banking platform understands and anticipates the needs of corporate clients and uses this to recommend optimal actions – an approach dubbed “contextual banking”

iGTB has launched the era of contextual banking with the release of the new corporate banking platform CBX 18. Standing for “Contextual Banking Experience”, the platform not only provides seamless digital execution across the full range of transaction banking actions, but – uniquely – also offers instant and intelligent recommendations as to the best actions available to banking clients.

CBX 18 moves transaction banking into the territory of customer-service champions such as Amazon and Netflix – using information on the client and its context to understand and anticipate their needs. An intelligent algorithm then calculates the optimal action based on their specific situation and preferences. iGTB calls this approach “contextual banking”. In addition to this revolutionary automated-advisory component, CBX 18 is also highly scalable and uses open APIs to enable bank clients to plug in the services of their favourite fintech partners.