Federal Bank implements new banking platform
Written by Chris Lemmon
India’s Federal Bank has implemented the Digital Transaction Banking (DTB) platform from Intellect Design Arena, which will provide enhanced banking services to its clients.
The new platform is powered by an integrated front-end omnichannel Corporate Banking eXchange (CBX) portal with backend processors for collections & receivables, payables, account services and supply chain finance. DTB will also augment the front end of their existing trade finance portal.
Through the implementation of DTB, the bank is looking to significantly grow its transaction banking business and take leadership in driving the Indian Government’s “Digital India” vision.
Shalini Warrier, chief operating officer at Federal Bank, said: “This deal underlines our commitment to digital innovation as a way of adding value for our clients, and will help unlock the huge potential in the Indian transaction banking market. Our motto is “Digital at the Fore, Human at the Core” and this implementation echoes that message – a full digital refresh, with the final aim of making life as easy as possible for our clients, from SMEs to large corporates.”
K Srinivasan, president & head of Growth Markets, added: “We are delighted to be the chosen partner for Federal Bank, who is at the forefront of technology-driven banking transformation in India. This deal is a real vindication of our expertise, track-record and strength in the market.
"The DTB solution is our flagship product for digital transformation, specifically designed to help a transaction banking franchise grow, and we’re confident that it will take Federal Bank to new heights in the future, strategically positioning them for lasting success.”