iGTB's Virtual Accounts 2022 set to transform Digital Banking at a major private Qatari bank; stock climbs ~2%

23 Mar 2022 , 11:05 AM

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked No.1 in the world for Transaction Banking by IBS Intelligence for two years in a row, today announced a major transformative deal win with a leading Qatar-headquartered bank. This marks Intellect’s eighth major digital transformation deal in the Qatar region.

iGTB Virtual Accounts 2022 co-exists seamlessly with the bank’s existing product processors and channel solutions — enabling the customers to transact with virtual accounts just like they do with physical accounts.

According to iGTB CEO, Mr. Manish Maakan, “Adoption of iGTB’s Virtual Accounts 2022 proves the agility of this platform to exponentially grow the customer experience through technology, and provide a whole new way for banks to market cutting-edge products to new clients and SMEs.
Our goal is to aggressively digitalize and virtualize traditional processes through technology, which we have done with iGTB Virtual Accounts and we are able to help banks speed up their transfers and transactions in real-time.”

iGTB Virtual Accounts 2022 will allow the bank to acquire sophisticated Collections-On-Behalf-Of (COBO) leveraging virtual accounts, overcome legacy core banking challenges by virtualizing the accounts, thereby enhancing their customers’ experience, power 80% efficiency improvements in reconciliation by API-first, self-service-ready and scalable engine to drive costs down and free up working capital, and not to require any refactoring of its existing transaction banking infrastructure creating a unique key advantage for digital banking transformations.

Intellect Design Arena is currently trading at Rs834 up by Rs15.6 or 1.91% from its previous closing of Rs818.40 on the BSE. The scrip opened at Rs827.75 and has touched day’s high and low of Rs841.90 and Rs817.65 respectively.