Adoption of innovative technology will be central to the fulfilment of bullish growth predictions of 25% or more for transaction banks in the Middle East, according to a survey of market participants during a recent conference in Dubai.
Intellect iGTB, the global transaction banking software business of Intellect Design Arena, has implemented its products at CIBC. The project is part of a multi-stage transaction banking and payments tech overhaul at the Canadian banking group.
Customer driven innovation is powering change in the payments industry. Real-time Payment infrastructures (RTP) – whether they are called Faster Payments, Immediate Payments or same-day clearing – are now a reality, with many countries having implemented RTP functionality, and others actively considering the imminent roll-out of RTP projects in their domestic market.
Karim Labadi, head of Global Transaction Services at Mashreq Bank, describes how it worked with iGBT to develop a robust corporate banking portal that helped it double its customer base in less than a year.