iGTB’s fully integrated, front-to-back, contextual Virtual Accounts to enhance corporate and SME user experience, to bring operational efficiency and to generate new revenue streams for the bank in line with Qatar National Vision 2030 

Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence for two years in a row, today announced a major transformative deal win with a leading Qatar-headquartered bank. This marks Intellect’s eighth major digital transformation deal in the Qatar region. 

iGTB Virtual Accounts 2022 will allow the bank to: 

● Acquire sophisticated Collections-On-Behalf-Of (COBO) leveraging virtual accounts ● Power 80% efficiency improvements in reconciliation by API-first, self-service-ready and scalable engine to drive costs down and free up working capital. 

● Overcome legacy core banking challenges by virtualizing the accounts, thereby enhancing their customers’ experience 

● Not require any refactoring of its existing transaction banking infrastructure creating a unique key advantage for digital banking transformations 

iGTB Virtual Accounts 2022 co-exists seamlessly with the bank’s existing product processors and channel solutions – enabling the customers to transact with virtual accounts just like they do with physical accounts. www.igtb.com/vam 

According to iGTB CEO, Mr Manish Maakan, “Adoption of iGTB’s Virtual Accounts 2022 proves the agility of this platform to exponentially grow the customer experience through technology, and provide a whole new way for banks to market cutting-edge products to new clients and SMEs. Our goal is to aggressively digitalise and virtualise traditional processes through technology, which we have done with iGTB Virtual Accounts and we are able to help banks speed up their transfers and transactions in real-time.” 

He added, “This is Intellect’s eighth major transformation banking client in Qatar, 

which illustrates our focus and localization strategy in Qatar backed up by iGTB’s expertise fully based out of the MENA region. iGTB Virtual Accounts will provide the bank with radical product innovation in support of the Qatar National Vision 2030 and add an arrowhead strategy in the bank’s arsenal to quickly acquire new clients and SMEs.”

Key Highlights 

1. Industry agnostic ”multi“ solution to scale as per market & corporate demand: With a focus on Virtual Account Management platform that supports multi-currency, multilingual, multi-corporate entity (parent-child) to corporate & SME clients, the bank will be enabled to cater to the needs of the customers by improving operational efficiency and delivering seamless user experience. This will enable the bank to acquire new customers and grow business exponentially to increase wallet share. 

2. Centralized cash visibility with a 360-degree view on the collections position across the organisation structure: The Virtual Accounts Management front-to-back transaction banking platform supports a smooth customer onboarding process; bank users can define interest profiles and link them to accounts on behalf of the customers, which will then interface with the core banking for account validation. The single instance, omnichannel Contextual Banking Experience (CBX) provides visual dashboards that support rich data analytics and real-time insights providing high levels of transparency to banks’ corporate customers. 

3. Integrated solution to offload the heavy lifting from the core: The fully integrated Virtual Account Management platform co-exists with the bank’s core landscape, which will bring in process optimization, higher automation and STP capabilities for payments processing with high-performance technology. As the platform works as an enabling layer rather than just a product processor, the total cost of ownership is inevitably low. Any functional changes (especially regulatory changes) in the bank product processors are therefore effective on virtual accounts also, reducing cost, effort and delay. 

4. Invoice reconciliation is a key module of the partnership: Along with Virtual Account Management, the platform will also provide support for invoice management and receivables reconciliation along with collection concentration, to help bank’s corporate and SME clients to manage partial and full bills, settlements and detailed reconciliations, among other things under collections. 

5. Intelligent & contextual digital experience with service: This platform will contribute to the drive to reduce operational expenses, while enabling clients for a high degree of self-service account management via multiple channels like H2H, API and desktop, eliminating manual processes while allowing the bank to control key functions like KYC and related transaction restriction, providing a better view to credit visibility and viability of their customers by leveraging options like Real-Time Payments for better and faster cash visibility, enabling STP, straight through reconciliation, digitalization, and support operations in multiple currencies. 

6. Improved product bundling to enhance cross-sell opportunities for the bank: With this platform, the bank will have easy access across industry segments like airlines, schools, etc. This creates a foundation for the bank to drive cross-sell and up-sell of products across customer segments which would enable the bank to generate new revenue streams.