Emirates NDB turns to Intellect Design for transaction banking overhaul
This is part of Emirates NBD’s multi-year digital transformation plan. It has made an AED 1.5 billion ($410 million) investment towards digitising operations, products and services for its corporate clients and retail customers.
The planned transaction banking project will cover the bank’s operations across trade corridors in the UAE, Saudi Arabia, Egypt, India, Singapore and the UK.
The project integrates iGTB’s Digital Transaction Banking (DTB) platform powered by an integrated front-end omni-channel (CBX).
The new platform aims to offer clients the ability to view, monitor and control their working capital needs across cash management, trade and FX.
Manish Maakan, CEO of iGTB, says the bank is its 29th DTB client.
The UAE’s position as the vital hub connecting Asia and Africa with the west combined with a reported increase in trade volumes by UAE businesses this year have led to a significant growth in the country’s transaction banking sector, according to the bank.
As part of Emirates NBD’s multi-year transformation project, the bank recently implemented the Calypso treasury platform.
Emirates NBD’s four-year digital transformation is now half-way complete, with an expected end-date of 2020.
Launched in 2016, the transformation project includes an upgrade of Emirates NBD’s capabilities across IT systems, architecture and infrastructure, information security and data.