Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Ltd, announced Union Bank of India (UBI) has gone live with Cash Management System built on eMACH.ai for end-to-end transaction completion and stability. The solution deployed at UBI has been designed and implemented to handle the high volume of transactions for payments and mandates. Intellect bagged this prestigious logo amidst tough competition, showcasing Intellect’s stack capabilities with a very high fitment to the RFP. The implementation of PWT commenced on June 19, 2023, and successfully went live in approximately five months, setting a new standard in the industry.
Union Bank of India, an Indian public sector bank headquartered in Mumbai, has over 120 million customers and a business of US$106 billion. It boasts a network of 8,700+ branches and operates internationally with four branches and representative offices and a workforce of 75,000+ employees.
The eMACH.ai powered cash management implementation at Union Bank of India is one of the fastest implementations in this space with a record go-live time of 5 months from commencement. By harnessing this fully digitized and modernized transaction banking platform, Union Bank of India has significantly enhanced its ability to cater to corporate customers and MSMEs, exemplified by:
- Amplifying payment transaction volumes by up to 5 times compared to the previous capacity.
- Expanding its Mandate business through a seamless, fully automated process.
- Establishing direct connectivity with NPCI via Intellect’s Turmeric framework, facilitating handling of substantially larger volumes by transforming a manual process into a fully automated one.
- These outcomes are enabled as a result of Intellect’s comprehensive suite of cash management capabilities provided to the bank, covering Payments, Mobility, Host-to-Host Solution and Mandate Management in Collections.
- Moreover, Union Bank of India is also geared to enhance customer interactions by leveraging iGTB’s Digital Engagement Platform CBX and Open Banking APIs
Ramanan S V, Chief Executive Officer, India and South Asia, Intellect Design Arena Limited said, “India is at the helm of transaction banking transformation today with a steep increase in the volume of digital transactions. We are immensely proud to partner with one of the largest Tier-1 public sector banks in India to automate and elevate their enterprise-wide cash flows. This partnership is a testament to our technological prowess at iGTB and our commanding market coverage, showcasing our India’s stack capabilities.”
Today, more than 60% of the world’s top Corporate banks #winwithiGTB and are powered by Intellect’s Transaction banking products and solutions, and this includes 8 of the top 10 Indian banks.