Union Bank of India (UBI) has selected fintech company Intellect Design Arena to help strengthen its transaction banking with a cash management system built on the latter’s eMACH.ai.
EMACH.ai is an open finance platform launched recently by Intellect Design Arena to design the future of banks and financial institutions.
The platform is supported by 285 prebuilt microservices available on the cloud as well as access to 1,214 application programming interfaces (APIs) and 200 events to allow banks to leverage artificial intelligence (AI) and streamline operations.
The partnership is expected to help the Indian banking company to automate and elevate its enterprise-wide cash flows.
Through the collaboration, Intellect Design Arena expects to offer Union Bank of India a fully integrated cash and payments management platform to improve the experience and operational efficiency of the latter’s corporate and small and medium-sized enterprise (SME) customers.
The Indian fintech company said that through the implementation, it is focusing on streamlining management of cash and end-to-end mandate management business.
It is expected to deliver a seamless solution that allows the bank to detect and address complex regulatory and compliance concerns extensively.
Intellect Design Arena’s products for corporate, commercial, and SME clients will support Union Bank of India to accomplish its goal of becoming the most customer-centric bank by improving its customer engagement through technology.
The fintech firm’s platform is anticipated to allow the bank to update and extend its cash management offering by delivering a total crack sales solution, overall approach design, positioning, and necessary digital support.
Intellect Design Arena India and South Asia CEO Ramanan S V said: “We are proud to partner with such a prestigious Tier 1 public sector bank in India to accelerate their digital transformation.
“With Intellect’s API-first technology, the bank can innovate with speed, ease, and efficiency to meet the evolving needs of its cash management and transaction banking transformations. The selection by Union Bank of India for this crucial project attests to our technology leadership and the shared vision of making banking better.”
