Intellect Global (iGTB) launched a cloud-native Virtual Accounts Platform

24 Jan 2022 , 04:10 PM

Intellect Global Transaction Banking (iGTB), today announced its fully cloud-native Virtual Accounts platform, available as a SaaS offering. iGTB is a transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence two years in a row. 

iGTB’s ideology behind Virtual Accounts Management 2022 is to transform the traditional use of virtual accounts for reconciliation. This solution will enable banks to offer sophisticated POBO and COBO services and to manage inter-company positions, thereby facilitating corporate clients to create and operate fully-fledged in-house banks. Reconciliation can be real-time and straight through, sparing sizeable working capital for corporates. This shall be offered through a very powerful self-service and API-based integration with corporate ERPs.

The company is providing it through SaaS in partnership with AWS and Azure, with ready cartridges for integration with a variety of core-banking systems implying very quick time-to-market and a significant reduction in the overall TCO.

“I am delighted to present this massive opportunity to provide banks with radical product innovation. iGTB’s Virtual Accounts Management is specifically customer-centric for corporate banking products. It will empower corporates to bank the way they wish to, using virtual accounts to free them from the complexities and limitations of regulated bank account management,” said Mr. Manish Maakan, CEO, iGTB.

He further added, “the key advantage of this offering is that banks need not change their entire transaction banking infrastructure to offer virtual accounts. The solution can work well with the bank’s existing channel solutions and product processors — empowering customers to use virtual accounts as they interacted with physical accounts. Banks can now use iGTB’s latest Virtual Account Management 2022 solution to provide robust reconciliation services, enable strong payment factories, and to help clients to manage third party monies.”

iGTB has extensive experience of over 15 years in Virtual Account Management technology, with over 20 banks using Virtual Account Management serving 18 countries across 5 continents.

Intellect closed at Rs 683.60 down by Rs 67.95 or 9.04%, against its previous closing price of Rs 751.55. The scrip touched a intraday high and low of Rs 750.30, and Rs 675 respectively.