Transaction banking transformation set for explosive growth as iGTB brings its digital platforms to Microsoft Cloud for Financial Services.
London, April 25, 2022: Intellect Global Transaction Banking (iGTB), the world’s first complete Global Transaction Banking Platform from Intellect Design Arena Limited, announced it will integrate Microsoft Cloud for Financial Services to accelerate cloud adoption and digital transformation initiatives of corporate banks.
The collaboration will see iGTB adopt Microsoft as its preferred cloud platform to remove traditional barriers of banking technology adoption, thereby help banks go-to-market 3 to 4 times faster with Liquidity, Cash Management, Payments, Trade Finance & Supply Chain Finance cloud offerings to their corporate clients. This collaboration is set to drive sustained banking digitalisation, help banks transform their corporate banking business models, modernise their cloud technology stacks, and consume “Banking-As-A-Service” out-of-a-box.
Banks can now get access to bank-grade secure and hyper-scalable cloud infrastructure paired with iGTB’s cloud-native banking technology to fully support burgeoning customer demands and regulatory needs.
Banks earned a colossal almost-$1 trillion from commercial banking,1 with high and growing demand for SaaS applications. Transaction banks, truly the heart of global commerce, serve over 200 million corporations worldwide2 with critical needs for unprecedented agility, for vital working capital and for the ability to navigate the shifts in supply chain. Corporate banks aim to spend by 2025 $9.3bn just on applications, with SaaS cloud spend growing to 25% of it.3
To accelerate cloud adoption of transaction banking platforms, iGTB and Microsoft will work together to jointly develop four specific platforms:
- iGTB Liquidity for banks to offer their clients, already deployed in 57 regulated countries, that today sweeps over $4tr cash and pools over $35tr balances per year and recently the only offering rated Best in Class in an independent report from Aité-Novarica.
- iGTB Cash Cloud: A comprehensive cash management platform – deployable with no Capex and resulting in 50% lower TCO with the ability to go-live in as fast as 10 weeks, and with three offerings:
- CashNow: bringing innovation to the business banking segment, a ready-to-use platform with a 10-week go-live plan
- CashXtra: rejuvenation of the critical Micro, Small, Medium Enterprises (MSME) banking market with an 18-week go-live plan
- CashPower: a comprehensive platform that provides scale to servicing mid-size and large corporations that can go-live in as fast as 25 weeks.
- iGTB Payments: Contextual Payments-as-a-Service platform to place banks at the forefront of payments modernisation initiatives built on a composable, micro-service, cloud-native architecture for elastic scalability. iGTB Payments today supports volumes of $500bn payments per day at a leading global bank and is available in 43 markets worldwide.
- iColumbus.ai: Bringing Artificial Intelligence to the first and only integrated Trade and Supply Chain Finance platform that runs on an architecture that is built for the cloud. Named after the pioneer whose discoveries eventually opened up the world to truly global international trade, iColumbus.ai today underpins the largest trade finance transformation in Europe and the largest trade & supply chain finance transformation in Asia Pacific.
Manish Maakan, CEO, iGTB said, “I’m excited to bring iGTB’s capabilities to more banks and their corporates through Microsoft Cloud. I believe the commercialisation of corporate banking relies on getting the power of transaction banking platforms into the hands of as many banks as possible, and our collaboration with Microsoft is an important step along that path.”
Mr. Maakan added, “This collaboration with Microsoft allows just that: security and worry-free scalability while allowing the bank to launch products 3x to 4x faster, deploy updates and enhance the customer experience quickly and easily. Equally importantly, it frees up capital, lowers the complexities and risks associated with the traditional digital transformation, and significantly reduces time-to-value. We look forward to taking together “Banking-As-AService” proposition to 1000 banks across 70 countries, and helping them dramatically expand their transaction banking business at a lower cost.”
Commenting on the news, Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft said, “iGTB’s integration of the Microsoft Cloud creates a powerful platform for banks to streamline and modernize their transaction banking business in the cloud. Together, we look forward to delivering a faster path for innovation and responsible growth, with the hyperscale flexibility and security essential for the financial services industry.”
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 global leader when it comes to applying true digital technology, is the world’s first financia l 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/.