Intellect Design Arena launches iKredit360 for financial institutions

Intellect Design Arena, an Indian fintech company, has launched a composable, cloud-native technology platform called iKredit360, which has been designed exclusively for European financial institutions.

According to the company iKredit360 is a credit platform that can converge financial offerings like credit products, payments, cards, and banking services for creating integrated user journeys throughout the financial ecosystem.

iKredit360 combines various elements such as relationship engagement channels, lifecycle, financial products, core systems and external systems like credit bureaus, rating agencies, regulatory bodies, and fintechs, while offering the connecting framework across the ecosystem.

An example where the cloud-native technology platform can help financial institutions reimagine their credit propositions is said to be the Buy Now Pay Later (BNPL) offering.

Intellect Design Arena said that ecommerce firms, financial institutions, and non-banking financial institutions (NBFIs) across Europe can utilize the credit platform for curating credit experiences for their commercial and consumer segments.

Rajesh Saxena – CEO, Intellect Design Arena Global Consumer Banking, said: “The game has shifted beyond lending and lending products. This is significant, considering we are beyond the age of siloed products and services; it’s now a customer-in-the-centre world.

“The foundation for creating personalized and curated customer experiences is a technology where the building blocks and APIs play a central role.”

Last month, Intellect Design Arena said that its transaction banking division – Intellect Global Transaction Banking (iGTB) was selected by Canadian Western Bank (CWB) to enhance its payments service technology for business owners.