Intellect Global Transaction Banking (iGTB), the transaction banking division of Intellect Design Arena Ltd, the leading B2B fintech with 21% CAGR over three years, has joined enterprise software firm R3's collaborative initiative to develop innovative applications and solutions on its Corda blockchain platform.
iGTB is exploring the development of scalable, commercially viable solutions on Corda in three mainstream areas: trade finance/supply chain finance, payments and cash management (PCM) and central banking.
Manish Maakan, CEO,iGTB said "The focus at iGTB has been to come out with uniquely-focussed global product innovations. This partnership with R3 continues that approach, by initiatingthe trade/supply chain track by exploring how Corda, combined with iGTB's banking solutions, can remove trade/supply-chain bottlenecks in corporate sales enablement, by helping companies increase their sales as well as market share in hugely competitive domestic and offshore markets."
David E. Rutter, CEO, R3 elaborated. "The Corda design, with its applicability being demonstrated across multiple industries, is the ideal platform to develop the next generation of applications for the financial services arena."
Mr.Rutter added, "As one of the few global banking software vendors with capabilities across the entire transaction banking product suite, iGTB is ideally placed to develop solutions across cash management, payments, trade and supply chain finance on Corda. We look forward to working with Intellect to build innovative solutions to support central banks in their pursuit of digitization."
Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.198.8 as compared to the previous close of Rs. 202.25. The total number of shares traded during the day was 46059 in over 989 trades.
The stock hit an intraday high of Rs. 206.35 and intraday low of 196.2. The net turnover during the day was Rs. 9275613.