LONDON, October 24, 2018 /PRNewswire/ --
Scalable financial services solutions on the back of open source enterprise blockchain software, for integrated trade and cash management for transaction banks as well as digital enablement for central banks.
Intellect Global Transaction Banking (iGTB), the transaction banking division of Intellect Design Arena Ltd, the leading B2B fintech with 21% CAGR over three years, has joined enterprise software firm R3's collaborative initiative to develop innovative applications and solutions on its Corda blockchain platform.
iGTB is exploring the development of scalable, commercially viable solutions on Corda in three mainstream areas: trade finance/supply chain finance, payments and cash management (PCM) and central banking.
Manish Maakan, CEO, iGTB said, "The focus at iGTB has been to come out with uniquely-focussed global product innovations. This partnership with R3 continues that approach, by initiating the trade/supply chain track by exploring how Corda, combined with iGTB's banking solutions, can remove trade/supply-chain bottlenecks in corporate sales enablement, by helping companies increase their sales as well as market share in hugely competitive domestic and offshore markets."
David E. Rutter, CEO, R3 elaborated, "The Corda design, with its applicability being demonstrated across multiple industries, is the ideal platform to develop the next generation of applications for the financial services arena."
Mr. Rutter added, "As one of the few global banking software vendors with capabilities across the entire transaction banking product suite, iGTB is ideally placed to develop solutions across cash management, payments, trade and supply chain finance on Corda. We look forward to working with Intellect to build innovative solutions to support central banks in their pursuit of digitization."
About Intellect Design Arena Ltd:
Intellect Design Arena Ltd, a specialist in applying true digital technologies, is the world's first full spectrum Banking and Insurance technology products company, across Global Consumer Banking (iGCB), Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets (iRTM), and Insurance (Intellect SEEC). With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.
Intellect pioneered Design Thinking for cutting-edge products and solutions for Banking and Insurance, with design being the company's key differentiator in enabling digital transformation. FinTech 8012, the world's first design centre for Financial Technology, reflects Intellect's commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect generates annual revenues of more than USD 169 million, serving more than 200 customers through offices in 40+ countries and with a diverse workforce of more than 4,000 solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organization and its solutions, please visit intellectdesign.com . For information on the solutions for global transaction banking, please visit https://www.igtb.com/ .
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3's global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions' financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.