Bank Central Asia upgrades to digital payments with Intellect
Intellect Global Transaction Banking (iGTB) has seen its Digital Transaction Banking (DTB) platform go live at PT Bank Central Asia (BCA) in Indonesia.
iGTB is the transaction banking and technology branch of Intellect Design Arena, an India-based banking software company.
Jayaprawirya Diah, head of digital innovation solution at BCA, says: “This implementation gives us a one-stop solution to answer our corporate clients’ or customers’needs – meaning they no longer need to worry about switching between different portals, or aggregating data from several sources.”
The firm says that the implementation of DTB enables BCA to offer a digital transaction banking solution to Indonesia for the first time.
With the growing digitisation of the country, digital banking penetration is set to hit 60% by 2020.
Manish Maakan, CEO of iGTB, says the project “contributes to Indonesia’s 2020 Go Digital vision, which is expected to realise over $120 billion e-commerce transactions by 2020”.
The project started in 2013, to FinTech Futures‘ knowledge. The second phase that went live recently brings an additional 40 customers into operation. The platform now handles over $1 billion transactions per month, and has been used by over 275 corporate clients in 12 months.
The implementation includes features like bulk uploads, e-bookkeeping, credit facility summaries covering all products across multiple systems, and electronic invoice discounts for early payments.
The aim of the solution is to improve cashflow management for BCA’s large corporate clients and their extended supply chains.
This will also offer tax payments, virtual account payments and bulk supply chain finance processing.