Intellect Global Transaction Banking (iGTB), the transaction banking arm of Intellect Design Arena, a cloud-native, future-ready, new-gen multi-product FinTech company for the world's leading financial and insurance institutions, has been named as a leader and 'Best in Class' Payments platform by Aite-Novarica Group in a report that evaluates the overall competitive position of payments technology providers, focusing on stability, client strength, product features, and client services.
This Aite Impact report investigates the market for payment hubs and infrastructure, discusses how technology has evolved with new market challenges, compares and analyses the tactics and products of the top technology providers, and their accomplishments in key areas so that financial institutions can choose new technology partners with greater knowledge.
The report notes iGTB Payments platform for its scalability, contextual and intuitive navigation and headless architecture that allow banks to use the solution payments in an existing platform, and the option to select from two modes: expert mode for banks that don't need much assistance, and a more simplified mode for small and midsize banks that desire more partnership and guidance with a less complex setup.
Commenting about iGTB Payments Platform, Erika Baumann, Director, Commercial Banking & Payments Practice, Aite-Novarica Group and the author of the report said "The Intellect platform is perceived as among the most advanced in the industry, with several clients citing going through their RFP process and technical due diligence exercises before selecting the company. Several clients also cited the resilience demonstrated by Intellect during the pandemic when resources were increased and there were no slips in service levels and highlighted the firm's high calibre of management and adherence to SLAs and key performance indicators. As such, and based on our in-depth evaluation across numerous factors, we've recognized Intellect as a leader in the market."
Mr. Manish Maakan, CEO, iGTB commented, "To be acknowledged as a 'Best-in-class' Payment Platform in the Aite-Novarica group evaluation is a proud achievement for Intellect and our associates. This is our 2nd platform - the first being our world-leading Liquidity Management Solution - that has been rated as 'Best-in-Class'. Our continuous investment in R&D and payments modernization is why leading banks across the Americas, Europe, the Middle East, India and APAC trust Intellect iGTB with their Payments transformation. It is heartening to see our customers resoundingly endorse our understanding of client needs and market nuances, our focus and attention to customer service and our overall payments strategy."
He added, "There are very few true payments platforms in the market that have been re-architected to be Cloud-Native, API first and Micro-Services based. iGTB Payments is one such platform. Commercial Banking and payments are on the cusp of fundamental shifts in consumerisation that will dramatically reorder the industry in the coming decade. Our Real-Time payments architecture helps banks embrace this trend and provide resilient and risk-free operations - which is extremely critical for the world we live in today."
Intellect's Payments highly scalable technology platform processes
- Global payments across 40+ countries, 70+ Rails in 105 clients across Canada, USA, Latin America, Europe, UK, Middle East and APAC.
- The platform processed US$500Bn of payments per day for one of the largest banks in UK.
- The payments stack deployed at the Reserve Bank of India1, the central bank of one of the world's largest economies, is benchmarked to support 30Mn ISO20022 payment messages on a peak day.
- Intellect Payments is at the centre of India's Digital mission - where payments tech is being deployed at one of India's largest private banks - with a cross-country corporate payment coverage of 60% and expected to scale 100% in transactions volume every year, for the next three years.
Intellect's payment superior technology is backed by sophisticated in-memory cache and distributed database technology to ensure milli-second response times needed for payments. It supports very high-volume corporate payment files containing over 300,000 payments at 1000 TPS. Our next-gen payments now come with Machine Learning and AI based recommendations for Optimum Payment Routing and is ready for the future with adaptors for DLT based payment routing.
Intellect Payments is designed to handle the complete lifecycle of payments - from initiation to preprocessing, execution and settlement - in real-time, and takes a unique contextual approach to payments. The entire iGTB Payments Suite comprising the Payments Services Hub, the highly intuitive Contextual Banking Experience for end client access, Transaction Limit Management for real-time payments decisioning and products for Partner Banking, ISO data management and Virtual Accounts based Payments and Receivables provide unparalleled value for the banks' customers worldwide.
Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 400.65 as compared to the previous close of Rs. 410.05. The total number of shares traded during the day was 27386 in over 1421 trades.
The stock hit an intraday high of Rs. 419.20 and intraday low of 393.80. The net turnover during the day was Rs. 11062969.00.