Three Sub-Accounting Strategies Banks Are Adopting

Sub-Accounting is not exactly a new concept for North American banks, who on many occasions have built and deployed tactical solutions (like virtual accounts, escrow sub-accounts, etc.) when treasury clients came up with varying asks to segregate bank accounts to meet their specific needs.

iGTB, with guest speakers from Fifth Third Bank and Synovus, hosted the webinar on Sub-Accounting strategies for banks, to leap ahead of their competition.

Banks are now realizing that solving a specific sub-accounting need for a specific client is tactical at best, cannot be replicated or reused for the most part, and typically leads them down the high-overhead path of hand-crafted solutions that are not scalable.

Watch the recording of the webinar and learn:

  • What exactly are these 3 strategies, and how banks are adopting these into their offerings?
  • What are the types of problems that banks are trying to solve?
  • What is driving the urgency now, more than ever, to focus on rolling out sub-accounting solutions?
  • What our experts are suggesting to banks that are looking to roll out sub-accounting solutions.

 

Bridgit Chayt

Head of Commercial Payments & Treasury Management
Fifth Third Bank

 

Seth Marlowe

Head of Treasury Strategy & Product Innovation
Synovus

 

Balakrishnan Narasimhan

Head of Solution Consulting
Intellect Global Transaction Banking (iGTB)

Please fill in the form below to view the full recording and Q&A of the session.

 

VPBank’s digital transformation with iGTB Cash platform

iGTB’s strategic partnership with VPBank will provide a fully-integrated, Cash & Payments Management platform to enhance corporate and SME customer’s experience and operational efficiency.

London, April 11, 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 for two years in a row, today announced that Hanoi-headquartered VPBank has signed a major transformative deal to digitize and streamline its transaction banking offerings. For Intellect, this deal marks the tenth key digital banking transformation deal in Vietnam.

This digital transformation deal will boost VPBank’s digitization efforts of its transaction banking function which in turn will enhance the country’s digital economy which is aligned with the “Vietnam National Digital Transformation Roadmap 2025”. This will bring the bank closer to the goal of being the most customer-friendly bank through technology in 2022 with disruptive iGTB’s products and services for its corporate, commercial and SME clients.

Mr Nguyen Duc VinhAccording to VPBank CEO, Mr Nguyen Duc Vinh, “VPBank has always been a pioneer in selecting the most up-to-date technology to power accelerated digital transformation. Strengthening our IT Infrastructure to enable and automate digital strategy is our key to improving productivity by 20-30% in order that we stay ahead of the competition. This is why harnessing disruptive digital IT initiatives is currently a major priority for us.”

“Partnering with iGTB, VPBank will continue to improve customer experience and expand the business ecosystem through a new and efficient digital technology, which will transform our cash management. Armed with this iGTB and VPBank solution, we are set to increase significantly the competitive edge for the bank and retain our leadership position as the preferred bank of choice for both SME and for corporate customers.”

Manish MaakanAccording to iGTB CEO, Mr Manish Maakan, “I am proud that this latest VPBank deal transformation deepens Intellect’s portfolio to a dominant position in Vietnam. Our investments into iGTB Cash Cloud and iColumbus.ai platforms are the keys to a faster go-to-market, so that our client portfolios across APAC, Middle East, Europe and Americas can realize early returns on their technology investments. Our simultaneous market-depth strategy is a result of years of investment into local Vietnamese regulations & payment systems, backed by iGTB’s local relationship managers & delivery teams out of Hanoi, and our longstanding partnership with Vietnamese FPT Information Services.”

Mr Maakan added, “Vietnam’s corporates and SMEs are demanding digital financial solutions, and the Vietnam banking industry is rising to the challenge powered by iGTB’s latest digital banking platforms. This partnership powered by iGTB’s global expertise in transaction banking technology will help VPBank achieve its goal of becoming the most customer-friendly technology-driven bank and the most valuable bank in Vietnam.”

This transformative cash management platform delivers a seamless customer experience with a completely digital integrated transaction banking suite of iGTB’s Cash Management, Trade Finance, Payments, Account Services, Collections and Liquidity Management powered by the award-winning front-end Contextual Banking Experience (CBX) platform with the ability to deploy new customers quickly, handle large volumes of transactions, improve operational efficiency and help reduce complexity and cost.

Key Highlights

  • Seamless customer experience through digital transformation of VPBank’s cash management system: With a focus on Cash Management which includes Liquidity Management, Account Services, Payments and Collections along with Trade Finance channel services to corporate & commercial clients, the bank would be enabled to provide seamless customer experience and exceed business critical banking requirements which would help to retain the leadership position in the region.
  • Customer centric front-to-back omni-channel CBX solution: The single instance, fully integrated omni-channel Contextual Banking eXperience (CBX) will provide real-time insights and analytics through visual dashboards which will enable VPBank to enhance operational efficiencies by eliminating manual processes and will be a key differentiating factor for the Bank’s corporate customers.
  • Single vendor integrated platform for operational excellence: A single vendor integrated cash management platform will bring in process optimization, higher automation and STP capabilities for payments processing with high performance technology. This ensures improved operational efficiency through centralization of functions and rapid issue resolution which lowers TCO and results in less expensive upgrade and maintenance costs in future.
  • Customer acquisition and retention at the center of cross-selling and up-sell strategy through technology: With this streamlined integration model, VPBank will be enabled to move ahead of the competition by adopting the latest technology to respond to the ever-changing dynamic market conditions through pre-configuration. This would enable the bank to increase the wallet share and maximize fee-based revenue.
  • Local market ready with deep expertise in the region: iGTB’s intimate knowledge of the Vietnamese market is reflected with boots-on-the-ground local relationship managers and delivery teams based out of Hanoi. The partnership with local vendor FTP will further enhance the implementation and deployment.
  • Faster go-to-market with advanced product configurations: The platform enables modules to be quickly stitched together for developing a comprehensive solution, thus allowing the VP Bank to get a quick return on their investments. As a result, products can be quickly launched to offer value added services to the bank’s customers.

About iGTB Cash Cloud Platform

The World’s Best Corporate Banks Bank on iGTB

iGTB Cash Cloud is 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

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/

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.

About VPBank

Established in 1993, VPBank is currently one of the biggest private banks in Vietnam. The bank operates in a wide range of businesses including retail banking, corporate banking, wealth management and consumer finance. As of the end of 2021, the total asset of VPBank amounted to nearly VND 548 trillion, increasing by 30.7% year on year. Consolidated loan balance reached VND 384 trillion, increasing by 18.9%, customer deposits and valuable papers rose by 9.1% year on year to VND 323 trillion, total operating income (TOI) reached VND 44,301 trillion, with an increase of 13.5% year on year.

The objective of VPBank is to become a top-ranking retail bank among joint stock commercial banks in Vietnam in terms of business scale, market share and service quality. On that basis, VPBank shall make the highest profits for its shareholders, create stable jobs and career development opportunities for employees, and make considerable contributions to the State Budget and to the general development of the economy and society as well.

Virtual Accounts revolutionise Digital banking at major Qatari bank

Intellect Global Transaction Banking’s (iGTB) Virtual Accounts 2022 set to revolutionize Digital Banking at a major private Qatari bank

iGTB’s fully integrated, front-to-back, contextual Virtual Accounts to enhance corporate and SME user experience, to bring operational efficiency and to generate new revenue streams for the bank in line with Qatar National Vision 2030

London, March 23, 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 for two years in a row, today announced a major transformative deal win with a leading Qatar-headquartered bank. This marks Intellect’s eighth major digital transformation deal in the Qatar region.

iGTB Virtual Accounts 2022 will allow the bank to:

  • Acquire sophisticated Collections-On-Behalf-Of (COBO) leveraging virtual accounts
  • Power 80% efficiency improvements in reconciliation by API-first, self-service-ready and scalable engine to drive costs down and free up working capital.
  • Overcome legacy core banking challenges by virtualizing the accounts, thereby enhancing their customers’ experience
  • Not require any refactoring of its existing transaction banking infrastructure creating a unique key advantage for digital banking transformations

iGTB Virtual Accounts 2022 co-exists seamlessly with the bank’s existing product processors and channel solutions – enabling the customers to transact with virtual accounts just like they do with physical accounts. www.igtb.com/vam

manish-maakan-ceoAccording to iGTB CEO, Mr Manish Maakan, “Adoption of iGTB’s Virtual Accounts 2022 proves the agility of this platform to exponentially grow the customer experience through technology, and provide a whole new way for banks to market cutting-edge products to new clients and SMEs. Our goal is to aggressively digitalise and virtualise traditional processes through technology, which we have done with iGTB Virtual Accounts and we are able to help banks speed up their transfers and transactions in real-time.”

He added, “This is Intellect’s eighth major transformation banking client in Qatar, which illustrates our focus and localization strategy in Qatar backed up by iGTB’s expertise fully based out of the MENA region. iGTB Virtual Accounts will provide the bank with radical product innovation in support of the Qatar National Vision 2030 and add an arrowhead strategy in the bank’s arsenal to quickly acquire new clients and SMEs.”

Key Highlights

  • Industry agnostic “multi-aware” solution to scale as per market & corporate demand: With a focus on Virtual Account Management platform that supports multi-currency, multilingual, multi-corporate entity (parent-child) to corporate & SME clients, the bank will be enabled to cater to the needs of the customers by improving operational efficiency and delivering seamless user experience. This will enable the bank to acquire new customers and grow business exponentially to increase wallet share.
  • Centralized cash visibility with a 360-degree view on the collections position across the organisation structure: The Virtual Accounts Management front-to-back transaction banking platform supports a smooth customer onboarding process; bank users can define interest profiles and link them to accounts on behalf of the customers, which will then interface with the core banking for account validation. The single instance, omnichannel Contextual Banking Experience (CBX) provides visual dashboards that support rich data analytics and real-time insights providing high levels of transparency to banks’ corporate customers.
  • Integrated solution to offload the heavy lifting from the core: The fully integrated Virtual Account Management platform co-exists with the bank’s core landscape, which will bring in process optimization, higher automation and STP capabilities for payments processing with high-performance technology. As the platform works as an enabling layer rather than just a product processor, the total cost of ownership is inevitably low. Any functional changes (especially regulatory changes) in the bank product processors are therefore effective on virtual accounts also, reducing cost, effort and delay.
  • Invoice reconciliation is a key module of the partnership: Along with Virtual Account Management, the platform will also provide support for invoice management and receivables reconciliation along with collection concentration, to help bank’s corporate and SME clients to manage partial and full bills, settlements and detailed reconciliations, among other things under collections.
  • Intelligent & contextual digital experience with self-service: This platform will contribute to the drive to reduce operational expenses, while enabling clients for a high degree of self-service account management via multiple channels like H2H, API and desktop, eliminating manual processes while allowing the bank to control key functions like KYC and related transaction restriction, providing a better view to credit visibility and viability of their customers by leveraging options like Real-Time Payments for better and faster cash visibility, enabling STP, straight through reconciliation, digitalization, and support operations in multiple currencies.
  • Improved product bundling to enhance cross-sell opportunities for the bank: With this platform, the bank will have easy access across industry segments like airlines, schools, etc. This creates a foundation for the bank to drive cross-sell and up-sell of products across customer segments which would enable the bank to generate new revenue streams.

About iGTB Cash Cloud Platform

The World’s Best Corporate Banks Bank on iGTB

iGTB Cash Cloud is 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, the Middle East & Africa. For more information, please visit https://www.igtbcloud.com

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, Virtual Accounts, 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/

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 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.

Where’s my cash?

An exclusive invitation-only event on April 7 in Paris

WHERE’S MY CASH?
Why liquidity is now the #1 race to deliver the right service on the right technology: even and especially given the current turbulence

Date: Thursday, April 7, 2022

Time:  8.30 am – 11:00 am (Closes with refreshments and networking 11:00 am onwards)

Venue: Hotel De Crillon, Salon Des Aigles, 10 Place De La Concorde, 75008, Paris

Agenda

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The Road to Heaven is Paved with Bad Transformations

The Road to Heaven is Paved with Bad Transformations

The white paper highlights how understanding the right aims will set the right context for corporate banking digital transformation programme.

Andrew England, Director and Head of Strategy, iGTB, makes the case that there is a much broader context covering the way designing business and the way to handle risk, and the regulatory spotlight will fall on those who undervalue those crucial elements

The paper also touches upon the ECG framework for banks and digital transformation in the post Covid world.

Please fill in the form below to get your copy of the article.



Fifth Third Bank launches cloud-native self-service user experience

Powered by iGTB’s Contextual Banking Experience, CBX, Fifth Third Bank continues to enhance the customer experience for their corporate clients

London, November 17, 2021:Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked No.1 in the world for Transaction Banking by IBS Intelligence, today announced that Fifth Third Bank, National Association, has launched CBX, the first true contextual banking platform. This platform strengthens Fifth Third Bank’s position as a digital leader and positions the needs of corporate customers at the forefront.

The platform allows Fifth Third Bank to harness CBX’s capabilities, providing a simplified and consolidated view of assets and liabilities across a portfolio of domestic and international accounts, whether locally held or cross-bank, and allows for cash and liquidity management, based on scenario-based concentration of funds. Customers can optimize their working capital, in real-time, on a cloud-native, self-service platform.

Bridgit Chayt“This collaboration shows what’s possible when two organizations work together to drive innovation and growth,” said Bridgit Chayt, Senior Vice President, Head of commercial payments and treasury management, Fifth Third Bank. “We’re committed to keeping our customers at the center of everything we do and providing them with the visibility and insights necessary for them to succeed.”

 

 Manish MaakanCommenting on the go-live, Manish Maakan, Chief Executive Officer, iGTB said, “the global success of CBX persists and supports our continued growth in the United States with Fifth Third Bank. iGTB now has 11 clients in the US out of Intellect’s portfolio of 25 in North America. Consumerization of Commercial Banking has truly been embraced by Fifth Third with their investment in CBX, raising the stakes to align with their own digital value proposition and to continually provide the best customer experience possible.”

Mr. Maakan added, “This go-live is a testament to Fifth Third Bank’s experience and the innovation that their customers can count on. Being leaders in the field of contextual banking, and engaged in worldwide digital transformations, we look at this go-live as the outcome of the strong collaboration with Fifth Third Bank. We continue to push the envelope in delivering cutting edge commercial banking technology and look forward to rolling out additional features to ensure that Fifth Third Bank’s promise of providing superior customer experiences is fulfilled.”

 Laura Listwan“From a technical perspective, ease of use and a best-in-class experience is a hallmark of all of our solutions. The CBX platform enhances this with its increased visibility across accounts and automation. At Fifth Third, we ensure our customers have every tool possible in this changing economy to meet their goals,” said Laura Listwan, Senior Vice President and Head of commercial payments products.

 

Key Highlights:

  • A suite of commercial banking capabilities ready to deploy instantaneously. CBX covers all Commercial Banking domains: Account Services, Global and Local Payments, Corporate Liquidity and Cashflow Forecasting
  • Exceeding customer expectations with rich user experiences. The platform’s interface is built for the global commercial banking business. CBX is a self-service solution catering to large and medium-sized corporations, as well as SME customers. The platform provides context-aware interactions, through persona-driven user journeys, empowering the bank to be fully focused on building and deepening customer relationships through a full-service platform that combines creative solutions with strategic insights to maximize client value, compared to competing bank offerings
  • Multifunctional capabilities and options to execute seamlessly. Corporates can utilize CBX’s highly flexible, role-based interface that aggregates multi-bank information, performs analysis, enables informed decision making and initiates transactions.
  • Ease of visibility in real-time with information aggregated on a single, consolidated dashboard. Corporate clients will have full control, visibility, and access to cash when it is needed from a single view across all their markets with various forms of data analytics that can be leveraged by the corporate CXO in real-time, anytime.

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 help Corporate Banks prepare for a new era of customer-centric Services. With a rich suite of transaction banking products, across DTB, Payments, Liquidity, Trade and Supply Chain Supply, 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 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.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of Sept. 30, 2021, the Company had $208 billion in assets and operates 1,100 full-service Banking Centers, and 2,336 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of Sept. 30, 2021, had $541 billion in assets under care, of which it managed $61 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.”

iGTB achieves SWIFT Certified 2021 for Trade Finance product

Intellect Global Transaction Banking (iGTB) achieves SWIFT Certified 2021 status for its market-leading intelligent Trade Finance product

Validation for iGTB’s Trade Finance solution as a SWIFT-compatible product reflects iGTB’s ongoing commitment both to its partnership with SWIFT and to its efforts to enhance economic inclusion and sustainable (track’n’trace) trade as part of digital (paperless) transformation 

London, September 23, 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, is delighted to announce that its Trade Finance product has been awarded the SWIFT Compatible Application Trade Finance Label for 2021. This is the 3rd consecutive year that iGTB’s fully digital Trade Finance product has been awarded this label. It demonstrates the solution’s exceptionally strong capabilities to align to complex and evolving SWIFT Standards while embracing both digital transformation (including the much-sought-after goal of paperless) and sustainability (including the universal need now for product track’n’trace).

SWIFT Compatible Application labels are awarded exclusively to providers that deliver quality services and products to their customers while acting in accordance with the highest professional standards. The awarding of this label is compelling evidence that the iGTB Trade Finance product adheres fully to the specified criteria for SWIFT FIN (MT) messages, SWIFT connectivity and SWIFT interoperability.

iGTB’s intelligent Trade Finance product has been fully updated with all of the changes required not only to enable a client bank to remain SWIFT-compliant, but also to revolutionise the bank’s trade business with an enhanced range of digitised products and services, including intelligent data extraction form its AI/ML IDX “paper-killer.” iGTB recognises the market-driven ambition of SWIFT to introduce more structured data into transaction processing: this simultaneously opens up the opportunity for banks to enhance workflow and to drive innovation. In order to help a bank take full advantage of the additional value this data structuring brings, iGTB is not simply replacing one message type with another, but taking into consideration how these changes can transform the overall Contextual User Experience.

manish-maakan-ceoManish Maakan, CEO, iGTB, said “This latest award validates our ongoing commitment towards adopting and sustaining industry standards across the entire global banking industry, and it comes on the back of having completed Europe’s largest ever trade finance transformation project. Global trade has trebled since 2000 reaching over $18 trillion, so the need for strong digital trade finance has never been higher. I am delighted that we can demonstrate accredited high quality.”

Maakan added, “Digitalization is central to sustainable trade finance. With iGTB Trade Finance, banks will combine technological innovation and digitalization with sustainable business practice, driving innovation and growth, whilst at the same time supporting the transition to a sustainable economy. iGTB’s Trade Finance team is committed to deliver unparalleled solutions that are both innovative and transformational, supporting economic inclusion and sustainability.”

In today’s world where more than 90% of trade messages are communicated via SWIFT, this label is another feather in the cap for iGTB’s Trade Finance product, which is designed to automate every step of the trade finance business, with integrated workflow management, service level management and electronic document management processing. The solution is designed to satisfy and support the complete processing and reporting needs for documentary credits, collections, guarantees and reimbursements. It also includes the full range of SWIFT MT798 Corporate to Bank (C2B) and Bank to Corporate (B2C) messages.

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 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 portfolios. For more information on iGTB, please visit https://www.igtb.com/

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 250 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.

Aité Novarica’s case study of Santander fuelled by iGTB

Santander achieve “an incredible 70% average improvement of KPIs” say Aité-Novarica in their independent case study of the Santander’s Cash Nexus Global Payments platform, fuelled by iGTB

iGTB congratulates Santander on the remarkable and successful rollout of this new corporate payments platform to 15 countries across three continents from a single installation, powering a basket of quantified, impressive results.

London, September 9, 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, is honoured to have played a part in this remarkable transformation, recognised by Aité-Novarica, the leading independent financial services insights and advisory firm.

Their Payments Case Study report “Implementing a Market Leading Global Payments Platform,” by highly respected analyst Erika Baumann, Research Director, Commercial Banking and Payments Practice, and published today, shows how Santander, one of the largest banks in Europe and the 16AiteNovearicath largest banking institution in the world, “created a market-leading global payments platform that did not previously exist in the market.”

Implementation of this platform led to an enviable 70% average improvement of key performance indicators around client implementation time, transaction processing, and connectivity.

As a global financial institution with footprints and clients in multiple geographies, Santander faced many challenges in providing a consistent payment or service experience across regions to its corporate clients, including navigating the local payments network and regulatory mandates for 15 countries on 3 continents.

Santander launched Cash Nexus, partnering with iGTB and using its Payments Service Hub, a channel for corporate collection and payment transactions in various countries, using international standard formats such as ISO20022. It is a single payments platform for all global regions that provides Santander’s clients global visibility into accounts from this single platform, available through multiple channels, from which they can initiate and track all incoming and outgoing payments.

It also provides agility to Santander in onboarding new customers – while reducing time to market. As a result of this successful initiative, Santander was not only able to create a differentiated and superior client experience for its corporate clients, but create impressive, quantified results:

  • reduce average client implementation time by about 70%
  • increase transaction performance capabilities by an impressive 75%, and
  • become self-sufficient in implementing new countries in 65% less time.

The platform provides Santander clients with a unified payment experience with robust payment capabilities to access local schemes for domestic and cross border transactional needs and helped Santander to bring future-forward functionality and roadmap – including access to instant payments, real time liquidity, API based models and cloud based models – to the market.

The case study also highlights how iGTB’s market expertise and knowledge of the core markets Santander operates in (including Europe, the US and Latin America, specifically Brazil and Argentina that have complex regulatory environments and financial cultures) made it the vendor of choice for Santander in its transformation journey. If further calls out how the deep partnership and synergy between the two made these results possible, and shifted Santander’s position in the market to a true global payments leader.

Jose LuisJose Luis Calderón, Head of Global Transaction Banking, Santander, commented, “Recognizing that changing the payment platform is changing the heart of the bank, the partnership between Santander and Intellect has allowed Santander to bring the heartbeat and finish line of the future into today’s reality”.

Christine Barry, Head of Banking and Payments Insights at Aite-Novarica, says, “The partnership between Santander and Intellect Global Transaction Banking has created a market-leading global payments platform that did not previously exist. With the implementation of this new platform, Santander was able to transform its earlierCarlos Denche limitations, arising of its unique structure of local subsidiaries operating as independent financial institutions catering to local payment networks and regulations, into a clear market advantage, maintaining the local payment capabilities and relationships while creating a unified, single global payments platform. From a market perspective, the innovations reached through this partnership have created a new path for financial institutions to adopt a similar approach to streamline global operations, increase payments performance, penetrate local payment networks, and reduce client implementation timelines.”

Carlos Denche, Global IT Head for Global Transaction Banking, Santander, added, “Comparing the capabilities of new system with old one, the new system is much more flexible for operations to configure and operate, providing greater opportunity to run services in a way that accommodates how payments are evolving, readiness of further API connectivity, development of new payment tools, and more aggressive KPIs.”

Manish Maakan, CEO of iGTB, commented “What Santander has achieved is very impressive – to provide such amanish-maakan-ceo strong and consistent global customer service with rapid customer responses and catering to so many different country regimes. I am committed to corporate bank transformation and so I am delighted that iGTB played its part in the bank’s success from this single, global installation. This independent report adds another success story to validate our claim that the world’s best corporate banks bank on iGTB.”

About Aite-Novarica Group:

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, markets, and operations to hundreds of banks, payments providers, insurers, and securities firms as well as the technology and service providers supporting them. Their core values are independence, objectivity, curiosity, and a desire to help all participants in financial services create better, more effective strategies based on data, well-researched opinions, and proven best practices. Their experts provide actionable advice and prescriptive business guidance to our global client base. Learn more at https://aitegroup.com/

About Santander:

Banco Santander is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It is the fourth largest bank in Europe by AUM and has a presence in all global financial centres as the16th largest banking institution in the world. As of 2020, Banco Santander had assets of EUR 1.5 trillion and over 190,000 employees.

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 help 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 centre 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/

Intellect iGTB’s deal with a leading Islamic Bank in APAC

Read about iGTB’s latest deal with a leading Islamic Bank

London, 26 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 for two years in a row, today announced a significant deal win with a leading Islamic bank in APAC to completely digitize and streamline its cash and trade transaction banking technology offerings.

The deal is powered by iGTB’s Digital Transaction Banking platform that delivers a seamless digital experience to grow the bank’s corporate customer base. With this deal, there are now 55 global banking groups that are benefitting from this world-leading platform which handles 50% of the total corporate collections’ transactions across India, the Middle East & Africa.

The platform works out of the box, and has a remarkable span of coverage including modules for cash management, account services, trade finance, supply chain finance, collections & receivables, liquidity management and virtual accounts. This suite is powered by the award winning omni-channel front-end CBX customer experience suite and full range of mobile banking services covering inquiries and initiations. What makes this deal unique is that the platform is powered by a common onboarding and common user experience across all the TB product lines. This is only possible due to the seamless, integrated design of the platform, which creates immense value for bankers and their corporate treasurers to view Operations & CXO dashboards across multiple product lines.

Digital Transaction Banking platform with Corporate Banking Exchange (CBX) is a key asset of this deal. It is the customer-facing Omni-channel solution that enables the bank’s customers to manage their Transaction Banking services online. Readily available on Desktops, Laptops, Tablets or Mobiles, CBX aims to deliver a seamless user experience. The Account Services module offers information across their various current accounts, deposits & loans. CBX as the unified channel helps customers monitor their banking transactions and offers rich analytics that serves as decision-making aids.

The channel is supported by underlying product processors for specialized services that will help the bank define tailor-made offerings to suit its various corporate segments. The payment product processor offers all local payment products Jompay, DuitNow, IBG, IBFT, RENTAS, SOSCO Upload, LTH Upload, LHDN Upload, KWSP Upload. In addition, it comes pre-configured with local tax functionalities thereby giving the bank a solution that is truly market-ready. Corporate customers with multiple accounts can effectively maximize their idle fund’s usage through the Liquidity Sweeping Processor. The bank can set up multiple structures for the corporates, which can optimize their cash balances and specify pre-agreed conditions for execution.

Trade Finance and Supply Chain Finance platform from iGTB is another key component of this deal. It’s an integrated front to back application that is built using new tech-enabled business models to support open API’s, scalability, Innovation and a world-class UX to drive customer adoption. The bank will now be able to offer a SWIFT 2021 Complaint, Conventional and Islamic Trade Finance products. Additionally, the integrated supply chain finance platform will enable the banks to exponentially grow their assets by offering a wide spectrum of ‘Buyer Led’ and ‘ Supplier Led’, products and programs to attract the ever-growing open account trade flows business.

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 Cash Management, 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 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.

How on earth can banks differentiate in an open finance world

How on earth can Corporate Banks differentiate in an open finance world?

Understand how a corporate bank operating model needs to change, what UX you could offer to whom (and built by whom), and how your APIs can be the ones your clients prefer.

iGTB in partnership with Coalition Greenwich with special guests from FAB and Accenture are pleased to present the virtual event on “How on earth can Corporate Banks differentiate in an open finance world?

In this session, participants will gain insights about:

  • The future of corporate and transaction banking operating models and how banks need to offer their services
  • How you can have fine-grain control and continuity of the UI and UX (yourself or with a specialist) decoupled from the back end, whilst still getting the speed, time-to-market and prior-investment benefits of having a technology partner: onboarding, entitlements, intelligence about the domain (whether payments, cash, collections or trade) are all needed even for headless
  • Understanding of the architecture needed to make ‘experience APIs’ and the corporate banking ‘operating system’, so that the APIs competitive to API-connected users, whether large corporates or co-operative/competitive fintechs
  • What DXP and MACH architecture are, and how much you need to understand them (DXP = Digital Experience Platform, MACH = Microservices, API-first, Cloud-native and Headless.)

Speakers

Yuri MisnikYuri Misnik,
Group CTO, First Abu Dhabi Bank
José Navas López Global Banking Lead, AccentureJosé Navas López Global Banking Lead, Accenture
Dr Tobias Miarka, Co-Head of Banking, Coalition GreenwichDr Tobias Miarka,
Co-Head of Banking, Coalition Greenwich
Mike Rayfield, SVP Digital, iGTBMike Rayfield,
SVP Digital, iGTB

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