Union Bank of India taps Intellect Global Transaction Banking to enhance transaction capabilities

In a landmark development, Intellect Global Transaction Banking (iGTB), a division of Intellect Design Arena Ltd, has announced the successful implementation of its advanced Cash Management System at Union Bank of India (UBI). This significant move marks the bank’s transition towards enhanced end-to-end transaction completion and stability.

A Milestone in Digital Transaction Management

The deployment of the eMACH.ai-powered solution at UBI represents a critical step in handling the increasing volume of transactions in payments and mandates. Achieving this technological feat amidst strong competition, iGTB has demonstrated the robust capabilities of its platform, which aligned closely with the requirements outlined in the Request for Proposal (RFP). The project, initiated on June 19, 2023, was completed in a record time of approximately five months, setting a new standard in the industry.

Union Bank of India’s Digital Transformation

Union Bank of India, with its headquarters in Mumbai, serves over 120 million customers and manages a business of US$106 billion. The bank’s expansive network includes more than 8,700 branches, along with international operations. The implementation of iGTB’s eMACH.ai at UBI is noted for its swift completion, a testament to the efficiency of the platform and the bank’s commitment to digital transformation.

Enhanced Capabilities and Customer Service

The eMACH.ai system has significantly amplified UBI’s capacity to handle payment transactions, increasing it by up to five times. Additionally, the bank has expanded its Mandate business through a fully automated process and established direct connectivity with the National Payments Corporation of India (NPCI) via Intellect’s Turmeric framework. This transformation from manual to automated processes has enabled the bank to manage larger volumes efficiently.

iGTB’s Role in Transforming Union Bank of India

Ramanan S V, CEO of India and South Asia at Intellect Design Arena Limited, expressed pride in partnering with one of India’s largest Tier 1 public sector banks. This collaboration is not just a demonstration of iGTB’s technological expertise but also a reflection of its significant market presence and ability to handle complex banking requirements.

Conclusion:

The successful implementation of iGTB’s eMACH.ai at Union Bank of India is a significant milestone in the banking industry. It exemplifies how digitalization can revolutionize transaction management, enhancing capabilities, and offering better services to corporate customers and MSMEs. This partnership stands as a testament to the potential of technology in transforming the financial services sector.