Intellect and Indian Bank Ink Rs 80 Crore for Cash Management system

By siliconindia  |  Monday, 11 December 2023, 05:11:04 PM IST

Intellect and Indian Bank Ink Rs 80 Crore for Cash Management system
Intellect Design Arena Ltd, a FinTech company headquartered in Chennai specializing in solutions for financial and insurance clients, has entered into a five-year agreement worth Rs 80 crore with Indian Bank. The deal involves the implementation of Intellect's Cash Management System powered by eMACH.ai. This initiative is expected to enhance the modernization of corporate banking, as stated by SV Ramanan, the Chief Executive Officer for India and South Asia at Intellect Design Arena Ltd.
The collaboration marks a significant milestone, further solidifying Intellect's expanding presence in the Indian BFSI sector. It underscores the company's commitment to leveraging cognitive enterprise capabilities to revolutionize transaction banking.
Indian Bank with a network of 4,900 ATMs and 5,798 domestic branches serves over 100 million customers with 41,000 employees and $140 billion worth of assets. As a part of the project ‘INDLEAP’, the Indian Bank has taken on the objective of digital transformation by leveraging technology wherever possible with transaction banking and supply chain management being the key growth engines.
Through this implementation, Intellect provides Omni-channel access across desktop and mobility, a treasury persona-aligned dashboard to drive Contextual Banking experience, coverage of payments across electronic and physical channels and coverage of multi-modal collections offerings for Indian corporates, according to a release.
Ramanan stated that Intellect Cash Management is well-positioned to address the diverse cash management needs of customers across various segments and sectors. Its goal is to optimize cash flow and facilitate the efficient management of corporate business operations.

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