Intellect Global Transaction Banking (iGTB), a 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 four 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- US$ one trillion from commercial banking, with high and growing demand for SaaS applications. Transaction banks, truly the heart of global commerce, serve over 200 million corporations worldwide 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 per cent of it.
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.”
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-A-Service” 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, Worldwide Financial Services, 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.”