One of Indonesia’s largest banks has gone live with iGTB’s Digital Transaction Banking platform, digitalising its Cash Management and Liquidity Management offering for large corporate clients & SMEs and progressing the country’s 2020 ‘Go Digital’ Vision
London (UK), September 26, 2018 – Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, the fastest growing Fintech product company with the CAGR of more than 21% for past three years, has seen its Digital Transaction Banking (DTB) platform go live at PT Bank Central Asia Tbk (BCA).
The implementation of DTB enables BCA to offer a comprehensive, Digital Transaction Banking solution to its local market for the first time. And as improved connectivity, higher internet penetration and a young, growing and affluent population drive traction for digitalisation in Indonesia – digital banking penetration is set to hit 60% by 2020 – this implementation sees BCA spearhead the digital transformation of a corporate banking sector that is hastening to follow suit.
Jayaprawirya Diah, Head of Digital Innovation Solution at BCA says: “This implementation gives us a one-stop solution to answer our corporate clients’ or customers’needs – meaning they no longer need to worry about switching between different portals, or aggregating data from several sources. iGTB’s DTB suite is flexible enough to accommodate user demands of all kinds, and we are sure our customers will be delighted by the benefits in terms of efficiency and user experience.”
Manish Maakan, CEO of iGTB, says: “We’re delighted to support Bank Central Asia as it contributes to Indonesia’s 2020 Go Digital vision, which is expected to realise over USD 130bn e-commerce transactions by 2020. Improving cash management services for Indonesian banks and their corporate clients is only possible using technology that is secure, convenient and efficient – and DTB is all these things. This platform will play a key role in helping Indonesian SMEs and corporates contribute towards the goal of transforming the economy and set the benchmark for modernisation in the country.”
The second phase that went live recently brings an additional 40 customer journeys into operation. The platform now handles over USD 1bn transactions per month, benefitting over 275 corporate clients in just 12 months – with an unparalleled level of straight-through processing. Transaction value has grown 300% in just three quarters.
Key features of the implementation include bulk uploads, e-bookkeeping, credit facility summaries covering all products across multiple systems, and electronic invoice discounts for early payments.
This translates into dramatically improved cash-flow management for BCA’s large corporate clients and their extended supply chains, with market-specific offerings such as tax payments, virtual account payments and bulk supply chain finance processing, with multiple outlets & corporate-specific invoice and purchase order templates.
Maakan adds: “Our longstanding experience with Asian banks & financial institutions and our sophisticated suite of digital transaction banking solutions enable BCA to set the standard for its industry peers with a best-in-class cash management offering that will boost the growth and profitability of their clients. It’s fantastic to play a role in BCA’s digital leadership, and we are excited to continue playing a central role in their transformation.”