"A full digital refresh”

“A full digital refresh”

Federal Bank in India has selected Intellect Design Arena’s digital transaction banking (DTB) platform as part of its revamp.

The system is powered by an omnichannel corporate banking exchange (CBX) portal with backend processors for collections and receivables, payables, account services and supply chain finance. Intellect says DTB will also augment the front end of the bank’s existing trade finance portal.

Shalini Warrier, chief operating officer, Federal Bank, says: “Though it is a system level value-add, there will be plenty of downstream benefits for our clientele in the form of quicker and better, specialised services.

“Our motto is ‘digital at the fore, human at the core’ and this implementation echoes that message – a full digital refresh.”

Last year, Federal Bank was looking to replace its legacy treasury system, supplied by Intellect. It issued a request for proposal (RFP) for procurement and migration of treasury management – and Infosys’ Finacle was eventually chosen.