Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena, has announced its fully cloud-native virtual account platform, available as a SaaS offering.
iGTB’s Virtual Account Management 2022 goes far beyond the traditional use of Virtual Accounts for reconciliation. The solution now enables a bank to offer sophisticated POBO and COBO services and manage inter-company positions, enabling its corporate clients to create and operate full-fledged in-house banks. Combined with immediate payments, reconciliation can be real-time and direct, freeing up valuable working capital for businesses. This is offered through a very powerful self-service and API-based integration with enterprise ERPs.
The offer is available in SaaS mode in partnership with AWS and Azure, with cartridges ready to integrate with a variety of basic banking systems, which means very fast time to market and a significant reduction in total cost of ownership. global.
According to Manish Maakan, CEO of iGTB, “I am delighted to offer this major opportunity to provide banks with radical product innovation. iGTB’s virtual account management brings true customer focus to corporate banking products. It allows corporate clients to manage their banking operations the way they want, using bespoke virtual accounts to free them from the complexities and constraints of regulated bank account management.
“We are seeing adoption, particularly in the United States, as well as industry-focused cases in Europe, Asia-Pacific, the Middle East and Australia. It’s particularly exciting to launch another aspect of the contextual revolution that we are proud of and that iGTB is spearheading: we are committed to the consumerization of corporate banking. It goes further and democratizes corporate banking.
Maakan added: “The main advantage is that with this offer, banks do not need to revamp their entire transactional banking infrastructure to offer virtual accounts. The solution can co-exist with the bank’s existing product processors and channel solution, allowing customers to transact with virtual accounts just as they do with physical accounts. Now banks can offer powerful reconciliation services, enable robust payment factories, and allow customers to manage third-party funds using iGTB’s latest 2022 virtual account management solution.
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