Commonwealth Trade Bank selects Intellect Design Arena’s IDC system
UK-based Commonwealth Trade Bank is set to deploy Intellect Design Arena’s IDC core banking system.
Commonwealth Trade Bank, formed in 2019 from the acquisition of Diamond Bank by Sanjeev Gupta’s GFG Alliance, aims to be a specialised international bank for trade.
The bank chose Intellect’s fully integrated IDC 19.1 solution, and will use it across its corporate, lending, treasury, payments, deposits, regulatory reporting, and general ledger operations. IDC will be deployed on a hosted cloud basis.
“Replacing our existing core solution is a big step towards driving our transformation agenda,” says Peter Horton, Commonwealth Trade Bank CEO.
“IDC 19.1 was the most compelling, highly flexible and innovative solution in the market. Designed for corporate as well as retail banking, Intellect is the right sized partner to drive [our] digital transformation vision”.
As reported by Fintech Futures in February, Commonwealth Trade Bank (then Diamond Bank) was originally running Oracle Financial Services Software’s Flexcube, installed as part of a group-wide rollout.
At the time, it was believed that Temenos, Mambu and ERI Bancaire were in the running for the deal. Another bank owned by the GFG Alliance, Weylands Bank, uses ERI Bancaire’s Olympic.
“We are delighted to partner with The Commonwealth Trade Bank on this significant core banking deal,” says Rajesh Saxena, CEO of global consumer banking at Intellect Design Arena.
“With a strong alignment to the Bank’s ambitious growth agenda, we believe our fully integrated IDC 19.1 will support their vision of becoming an innovative and responsive digital bank.”