HOME > BUSINESS > iGTB launches cloud version of its banking software

iGTB launches cloud version of its banking software

igtpFinancial service provider Intellect iGTB, formerly part of Polaris, said its banking solution has been launched on the cloud using the software-as-a-service model.

Software as a Service is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is sometimes referred to as “on-demand software” and offers a cheaper solution to distributed enterprises like banks and retail chains.

Due to concerns about data security, banking solutions are typically not deployed on the cloud model, though that trend is starting to change.

The solution was designed for, and has been implemented by, banks across the spectrum from small to regional to global, and in turn used by their business customers of all sizes, iGTB said.

“The new availability on the cloud will be of value in particular to local and primarily domestic banks, as it allows them to bypass more costly and long-term investment and implementation procedures by eliminating the need to physically integrate the technology solution into their existing systems. Instead, they can access the software as a Service and use it for onboarding any of their customers simply.”

The solution comprises account services, reporting, collections and receivables (including EPP), liquidity, trade finance, supply chain finance and treasury products, all seamlessly integrated.

The solution already has over 70 installations.

Intellect Design Arena Ltd is a full spectrum banking and insurance technology products company. Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives. It has annual revenues of more than $124 million, serving more than 200 customers through offices in 40 countries and with a diverse workforce of more than 4,000 solution architects, domain and technology experts in major global financial hubs around the world.

Follow ULTRA.news
Bank of China, Iranian banks seek nod to open branches in India Bank of China wants to enter India Several foreign banks, including the Bank of China, have sought RBI's permission to set up operations in the country. Among those who have applied for permission to open a branch or office in the country are three banks from Iran, two fro...
State Bank of Mauritius gets banking license in India; Woori, PPF in queue SBM is the second largest in Mauritius State Bank of Mauritius has become the first foreign entity to receive a license to start a bank in India. The bank, along with DBS of Singapore, had received preliminary approval several months ago. It has now received the final b...
Internet banking fraud in India rises 4 times in 1 year The number of frauds related to Internet banking and credit and debit cards in India has increased four fold in the last one year, according to data reported by the banks to the Reserve Bank of India. Banks have already reported 10,220 incidents under the RBI's Fraud Monitorin...
Inter-ministerial group on telecom woes dismissed crisis theory, blamed telcos for high debt The problem of high debt levels faced by some telecom companies in India was of their own making and the government had a limited to role to play in resolving the same, the inter-ministerial group set up to address the concerns of telecom sector found. The cash flow issues fa...
SBI, PNB & IDBI lead RBI’s list of Indian banks with NPAs The Reserve Bank of India has released the list of Indian banks and their non-performing assets as of September 30, 2017, the latest period for which financial data is available. The total non-peforming assets, or bad loans, has risen to 8.37 lakh cr -- a burden of around 20,0...
Bank NPA write-offs could rise 50% this year The pace of bad industrial debt written off by public sector banks in India increased substantially this year, according to RBI data. In the first six months of the financial year (April to September), public sector banks wrote off 36,510 cr of bad industrial debt, compared to...
RBI places Bank of India under ‘Prompt Corrective Action’ limits Bank of India said the Reserve Bank of India has placed it under the 'Prompt Corrective Action' framework, a set of restrictions aimed at preventing further deterioration in the health of a bank. It said the action followed an onsite inspection by the RBI. "This is in view ...
SBI Merger: Not a single employee laid off; No plans for VRS Not a single employee was laid off or removed as part of the merger of five associate banks with State Bank of India, the government said, adding that the bank had no plans to offer VRS options to its employees. "SBI has informed that no employee has been removed after merger...
NPA crisis: We’re not out of the woods yet – SBI official A senior State Bank of India official warned against assuming that the bad loan malaise affecting the Indian banking sector has started declining. Praveen Kumar Gupta, MD in charge of retail and digital banking, said one cannot directly draw conclusions by extrapolating trend...
Boosted by Jio’s success, Mukesh Ambani unveils his future plans Mukesh Ambani, India's richest man, said telecom was the first of his big bet, and he will now use his resources to solve problems in three other difficult areas -- agriculture, education and healthcare. Speaking at the HT Leadership Summit, Ambani said his primary motivation...
RCom says majority of lenders oppose China bank’s insolvency petition Reliance Communications, the embattled telecom service provider from the Anil Ambani stable, said a majority of its lenders opposed the move by China Development Bank to move ahead with insolvency proceedings on the company. “At a Committee of Financial Creditors Meeting on 2...
Exchanges seek clarification from Bharti Airtel on Aadhaar misuse charges Stock exchanges in India have sought a clarification from India's largest telecom company by revenue, Bharti Airtel, on a report that it was under investigation by a government agency for allegedly misusing customer data to open bank accounts in their names. "(The) exchange ha...
Infosys launches inter-bank blockchain network Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology. A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactio...
Google’s AWS rival cloud services come to India Google has opened its first data center for third-party cloud services in India at Mumbai. This will enable developers to host their applications, websites and other IT projects within India, enabling faster response times for their customers in the country. Before this, th...
IDBI Bank losses narrow, NII rises 18% QoQ IDBI Bank said Net Interest Income for September quarter improved by 3.63% compared to previous year and 18.19% compared to the June quarter. Net Interest Margin (NIM) stood at 2.17% for QE Sept 2017 showing improvement of 27 basis points as compared to QE Sept 2016 and 45 ba...
SIDBI and AU SFB to jointly lend to small businesses AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses. Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18. The program will targ...
Ramco wins multi-million managed services deal from British MNC Bank Cloud-based enterprise software provider Ramco Systems said it won a multi-million dollar order from a big British MNC financial group to provide managed payroll services. Ramco will help the company, part of the FTSE 100 index, to consolidate its payroll operations in 14 co...
MobiKwik creates wallet app for bank even as rivals focus on payments bank Wallet app provider MobiKwik announced a tie-up with IndusInd under which it has launched an app exclusively for the bank's 10 mln customers. The move is in line with the app company's strategy to be a partner and solutions provider to traditional financial services companies...
Karnataka Bank NII up 11%, PAT down Karnataka Bank's second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year. However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr. The Net Interest Income rose to 440 cr from 397 cr last year. G...
Tata Teleservices to merge mobile business with Bharti Airtel Bharti Airtel Limited, India’s largest telecommunications services provider and Tata, India’s leading conglomerate, today announced that they have entered into an understanding to merge Consumer Mobile Businesses (CMB) of TTSL and TTML into Bharti Airtel. The move is likely ...