Intellect Design Arena has secured a digital transformation deal for a Qatar-headquartered bank, the tech firm said in a statement without revealing the bank’s name.
Intellect Global Transaction Banking’s (iGTB) Virtual Accounts 2022 set to revolutionize Digital Banking at a major private Qatari bank, it said in a statement. iGTB’s fully integrated, front-to-back, contextual Virtual Accounts to enhance corporate and SME user experience, to bring operational efficiency and to generate new revenue streams for the bank in line with Qatar National Vision 2030, it added.
iGTB Virtual Accounts 2022 will allow the bank to acquire sophisticated Collections-On-Behalf-Of (COBO) leveraging virtual accounts, power 80% efficiency improvements in reconciliation by API-first, self-service-ready and scalable engine to drive costs down and free up working capital. It also said it will enable the bank to overcome legacy core banking challenges by virtualizing the accounts, thereby enhancing their
customers’ experience, and not require any refactoring of its existing transaction banking infrastructure creating a unique key advantage for digital banking transformations.
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, it said in a statement.
According to iGTB CEO, 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 digitalise and virtualise 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.”
He added, “This is Intellect’s eighth major transformation banking client in Qatar, which illustrates our focus and localization strategy in Qatar backed up by iGTB’s expertise fully based out of the MENA region. iGTB Virtual Accounts will provide the bank with radical product innovation in support of the Qatar National Vision 2030 and add an arrowhead strategy in the bank’s arsenal to quickly acquire new clients and SMEs.”