Intellect Inks Rs 80 Cr Deal With Indian Bank For Cash Management
Chennai-based FinTech firm Intellect Design Arena inked a Rs 80 crore, five-year deal with Indian Bank to roll out its Cash Management System powered by eMACH.ai. According to SV Ramanan, Intellect Design Arena's Chief Executive Officer for India and South Asia, this move will fortify Indian Bank's modernisation efforts in corporate banking.
The collaboration marks a significant milestone, expanding Intellect's presence in India's BFSI sector and showcasing the potential of a cognitive enterprise in transforming transaction banking.
Indian Bank, boasting 4,900 ATMs, 5,798 domestic branches and a customer base exceeding 100 million alongside assets worth USD 140 billion, is steering a digital transformation through 'INDLEAP.' This initiative aims to harness technology across transaction banking and supply chain management for growth.
Intellect's implementation promises Omni-channel access, treasury-aligned dashboards for a tailored banking experience, diverse payment coverage and multi-modal collection offerings for Indian corporates. This initiative is set to meet the diverse cash management needs of customers across sectors, optimising cash flow and enhancing corporate business operations, as highlighted by Ramanan.
