iGTB to digitize transaction banking for leading Islamic bank in APAC

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena, 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 omnichannel front-end CBX customer experience suite and the 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.

More Islamic Banking and Finance news in our related section here.

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 truly market-ready solution. Corporate customers with multiple accounts can effectively maximize their idle fund 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 APIs, 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.

Courtesy of: Equity Bulls