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

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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, Corporate Treasury Exchange 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 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 www.intellectdesign.com.

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