Intellect Design Arena Ltd, a global leader in cloud-native FinTech solutions, announces a landmark ₹80 crore, five-year deal with Indian Bank, reinforcing the bank's commitment to corporate banking modernization. The partnership sees the deployment of Intellect's eMACH.ai powered Cash Management System, a move set to transform transaction banking and fortify Indian Bank's digital transformation objectives.
With a vast network of 4,900 ATMs, 5,798 domestic branches, and over 100 million customers, Indian Bank is strategically focused on digital transformation through its 'INDLEAP' initiative. Leveraging technology as a cornerstone, the bank aims to enhance operational efficiency and customer experience, with transaction banking and supply chain management identified as key growth engines.
Mr Ramanan S V, CEO, India and South Asia, Intellect Design Arena, remarked, "We take pride in being the technology partner of choice for Indian Bank, one of the top PSU banks in India. Intellect's selection underscores our commitment to leading-edge technology and delivery excellence.”
Indian Bank, with assets worth $140 billion, has tied up with Intellect's Cash Management System to optimize cash flow and enhance corporate business operations. The platform provides Omni-channel access, a treasury persona-aligned dashboard for Contextual Banking, and comprehensive coverage of payments across electronic and physical channels.
Mr Ramanan S V further highlighted, "The transformative power of eMACH.ai can position Indian Bank at the forefront of innovation in the Digital Enterprise era. Intellect Cash Management can cater to all cash management requirements for all segments and sectors of customers."
In the ever-evolving landscape of financial technology, Intellect and Indian Bank's collaboration signals a significant stride towards innovation and excellence in the digital banking domain. This strategic alliance solidifies Intellect's growing footprint in the Indian BFSI industry, with over 60% of the world's top banks relying on Intellect's Transaction banking products. Notably, 8 of the top 10 Indian banks #winwithiGTB, showcasing Intellect's leadership in the FinTech space.
Intellect's Cash Management System offers a comprehensive suite of services, covering receivables, payables, and liquidity management. With extensive coverage of payments, including country-specific payment rails, the platform is highly configurable to meet specific accounting and reporting requirements, facilitating end-to-end automation and integration with commonly used ERP and accounting systems.
