iGTB launches cloud-native Virtual Account Management 2022 as SaaS offering

By Leandra Monteiro

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 two years in a row, announced its fully cloud-native Virtual Accounts platform, available as a SaaS offering.

iGTB’s Virtual Accounts Management 2022 goes well beyond the traditional use of virtual accounts for reconciliation. The solution now means a bank can offer sophisticated POBO and COBO services and manage inter-company positions, thereby allowing its corporate clients to create and operate fully-fledged in-house banks. Combined with immediate payments, reconciliation can be real-time and straight-through, freeing up significant working capital for corporates. This is offered via very powerful self-service and API-based integration with corporate ERPs.

The offering is available as SaaS in partnership with AWS and Azure, with ready cartridges for integration with a variety of core-banking systems implying very quick time-to-market and a significant reduction in the overall TCO.

According to Manish Maakan, CEO, iGTB said, “I am delighted to bring this major opportunity to provide banks with radical product innovation. iGTB’s Virtual Accounts Management brings true customer-centricity to corporate banking products. It empowers corporate clients to bank the way they want to, using made-to-measure virtual accounts to liberate them from the complexities and constraints of regulated bank account management.”

“We are seeing an uptake especially in the United States and also industry-focussed cases in Europe, Asia-Pacific, the Middle East, and Australia. It’s especially pleasing to launch another aspect of the contextual revolution we are proud of and that iGTB is spearheading: we are committed to the consumerization of corporate banking.  This goes further and democratizes corporate banking.”

Maakan added “The key advantage is that, with this offering, banks don’t need to revamp their entire transaction banking infrastructure to offer virtual accounts. The solution can co-exist with the bank’s existing product processors and the channel solution – enabling the customers to transact with virtual accounts just like they do with physical accounts. Now banks can offer powerful reconciliation services, enable robust payment factories, and enable clients to manage third party monies using the iGTB’s latest Virtual Account Management 2022 solution.”