Intellect Global Transaction Banking announces the launch of BaaS
By Leandra Monteiro
Intellect Global Transaction Banking (iGTB), the transaction banking and technology specialist from Intellect Design Arena Limited, announces the launch of Banking-as-a-Service for their global clients.
Traditional commercial banks in the recent past have been facing increasing competition from various quarters such as neo banks, FinTechs, to name a few, that provide great customer experience, reliable money movement, and attractive pricing. Hence Banking-as-a-Service (BaaS) – the ability of banks to embed financial products & services directly within their clients’ ecosystem as they serve their customers – is one space that is generating keen interest as it opens up exciting new segments and indirect channels. In the US alone, the transaction value offered via BaaS/embedded finance is expected to grow nearly three folds to about $7 trillion by 2026, as per a research paper produced by a leading analyst firm.
iGTB’s BaaS offering comprises three products in alignment with popular Embedded Banking models:
- Direct Embedding (into B2B, B2C marketplaces and e-commerce platforms)
- White labeling (to distribute banking services via FinTechs or aggregators)
- Enabling non-banks (to operate like a bank)
iGTB’s BaaS offering comes with built-in support for popular BaaS models and ready integration cartridges and significantly cuts down the time to monetization.
Commenting on the launch of Banking-as-a-Service (Baas), Manish Maakan, CEO iGTB said, “We are seeing the beginning of a new era of technology transformation in banking, with Consumerization of Commercial Banking leading the market theme for the coming years. To help banks address this rapid pace of growth, iGTB has leveraged design thinking to build commercial banking offerings that comprise products, solutions, platforms and now the new banking-as-a-service offering, which enables three popular Embedded Banking models.
This solution, built on an architecture that leverages composable, contextual, and hyperscale technologies, drives high performance and efficiency in commercial banking operations. We are very excited by the interest that our BaaS proposition is generating world-wide.”
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May 31, 2023