Intellect Design Arena Ltd, the Chennai-based FinTech company for financial and insurance clients, has signed a ₹80 crore, five-year deal with Indian Bank to deploy Intellect’s eMACH.ai powered Cash Management System. This will bolster the bank’scorporate banking modernisation, said SV Ramanan, Chief Executive Officer, India and South Asia, Intellect Design Arena Ltd.
The partnership is a pivotal moment - adding another feather to Intellect’s growing footprint in the Indian BFSI industry, rendering the capabilities of a cognitive enterprise for revolutionising transaction banking.
Digital transformation
Indian Bank, with a network of 4,900 ATMs and 5,798 domestic branches, serves over 100 million customers with 41,000 employees and $140 billion worth of assets. As part of the project ‘INDLEAP’, the Indian Bank has taken on the objective of digital transformation by leveraging technology wherever possible with transaction banking and supply chain management being the key growth engines.
Through this implementation, Intellect provides Omni-channel access across desktop and mobility; treasury persona-aligned dashboard to drive Contextual Banking experience; coverage of payments across electronic and physical channels and coverage of multi-modal collections offerings for Indian corporates, says a release.
Intellect Cash Management is poised to cater to all cash management requirements for all segments and sectors of customers to optimise their cash flow and facilitate effective management of corporate business operations, said Ramanan.