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iGTB achieves SWIFT Certified 2021 status for its market-leading intelligent Trade Finance product

Posted On: 2021-09-23 13:11:25 (Time Zone: IST)

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, is delighted to announce that its Trade Finance product has been awarded the SWIFT Compatible Application Trade Finance Label for 2021. This is the 3rd consecutive year that iGTB's fully digital Trade Finance product has been awarded this label. It demonstrates the solution's exceptionally strong capabilities to align to complex and evolving SWIFT Standards while embracing both digital transformation (including the much-sought-after goal of paperless) and sustainability (including the universal need now for product track'n'trace).

SWIFT Compatible Application labels are awarded exclusively to providers that deliver quality services and products to their customers while acting in accordance with the highest professional standards. The awarding of this label is compelling evidence that the iGTB Trade Finance product adheres fully to the specified criteria for SWIFT FIN (MT) messages, SWIFT connectivity and SWIFT interoperability.

iGTB's intelligent Trade Finance product has been fully updated with all of the changes required not only to enable a client bank to remain SWIFT-compliant, but also to revolutionise the bank's trade business with an enhanced range of digitised products and services, including intelligent data extraction form its AI/ML IDX "paper-killer." iGTB recognises the market-driven ambition of SWIFT to introduce more structured data into transaction processing: this simultaneously opens up the opportunity for banks to enhance workflow and to drive innovation. In order to help a bank take full advantage of the additional value this data structuring brings, iGTB is not simply replacing one message type with another, but taking into consideration how these changes can transform the overall Contextual User Experience.

Manish Maakan, CEO, iGTB, said "This latest award validates our ongoing commitment towards adopting and sustaining industry standards across the entire global banking industry, and it comes on the back of having completed Europe's largest ever trade finance transformation project. Global trade has trebled since 2000 reaching over $18 trillion, so the need for strong digital trade finance has never been higher. I am delighted that we can demonstrate accredited high quality."

Maakan added, "Digitalization is central to sustainable trade finance. With iGTB Trade Finance, banks will combine technological innovation and digitalization with sustainable business practice, driving innovation and growth, whilst at the same time supporting the transition to a sustainable economy. iGTB's Trade Finance team is committed to deliver unparalleled solutions that are both innovative and transformational, supporting economic inclusion and sustainability."

In today's world where more than 90% of trade messages are communicated via SWIFT, this label is another feather in the cap for iGTB's Trade Finance product, which is designed to automate every step of the trade finance business, with integrated workflow management, service level management and electronic document management processing. The solution is designed to satisfy and support the complete processing and reporting needs for documentary credits, collections, guarantees and reimbursements. It also includes the full range of SWIFT MT798 Corporate to Bank (C2B) and Bank to Corporate (B2C) messages.

Shares of INTELLECT DESIGN ARENA LIMITED was last trading in BSE at Rs. 683.5 as compared to the previous close of Rs. 678.3. The total number of shares traded during the day was 28197 in over 1292 trades.

The stock hit an intraday high of Rs. 696.8 and intraday low of 676.65. The net turnover during the day was Rs. 19400559.

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