Intellect will provide the Bank with digital solution for its Treasury, Trade Finance and Retail remittance services for a portion of its offshore business, along with 10 years of dedicated maintenance and technical support
Intellect Design Arena Limited, a digital technology product provider across Banking, Financial Services and Insurance, has signed a 10 year deal with one of Australia’s “Big Four”, to implement its integrated trade finance, treasury and retail remittance solution for the Bank’s corporate and retail customers in one of its offshore regions.
The solution encompasses a modular, SOA enabled, web-based and platform independent architecture that will replace a legacy system which is more than two decades old. This will streamline the Bank’s back-office processes to facilitate straight-through processing across all the business divisions. The solution is expected to be able to provide 360 degrees of visibility around workflow for the Bank’s separate teams in trade finance, retail remittance and treasury, where operations often intersect. Crucially, the Bank will be able to pass these efficiencies onto its customers.
The Bank has also entrusted Intellect with solution’s maintenance and technical support – beginning a 10-year relationship between the two firms.
Anil Verma, Executive Director of Intellect, says: “This landmark deal with one of Australia’s leading banks to implement our digital solution covering a large functional arena of Trade Finance, Treasury and Retail Remittance is a testament to our architectural ability and product design. We look forward to a long and successful partnership.