Intellect Design Arena Ltd a digital financial technology product provider for the banking and insurance, today announced that the Central Bank of Armenia (CBA), the primary financial institution in the Republic of Armenia, has selected Intellect Quantum Central Banking System for its Digital transformation.
Intellect's Quantum Central Banking System will help Central Bank of Armenia to streamline its business processes across multiple departments and external entities. It will be able to generate the balance sheet in real-time and have comprehensive dashboards for integrated operation and prudential oversight, with no reconciliation hassles. Automation of operations will remove all unnecessary manual intervention in transaction processing. Intellect will work with its strategic partner for the region, Intracom Armenia, for implementation of this project. The Intellect Quantum Central Banking System will be deployed along with complete currency life cycle management and comprehensive Treasury management solution.
Talking about the technology transformation undertaken by the Central Bank, Mr. Vakhtang Abrahamyan, Deputy Governor, Central Bank of Armenia said, "With the implementation of Intellect QCBS, CBA will have a robust and strategic backbone to support the renewal of banking systems in Armenia and across the region, thereby allowing new initiatives such as regional payment systems, to soon become a reality."
Commenting on the win, Mr. K. Srinivasan, President, APAC, IMEA & CIS Markets, Intellect Design Arena said, "The Central Bank of Armenia choosing our Quantum Central Banking Solution re establishes our superior comprehensive offering and specialization in the space of Central Bank modernization. We very much value the trust reposed in Intellect. This will help further our interests as well in the Region."
Trusted by the Central Banks in many countries Intellect QCBS solution deploys an array of technology frameworks including Extreme Account Posting (XAP), Run Time Re Use (RTRU), and Look Ahead Processing (LAP) technologies. Intellect is the proud recipient of the Payments Provider of the Year Award-2016 and Technology Provider of the Year Award-2015 at Central Banking Awards.