iGCB’s new retail banking platform allows banks to launch their own products and experiences by partnering with marketplace players. It includes end-to-end retail banking services across savings, deposits, payments, cards, lending, trade finance, treasury and digital banking.

In addition, the platform will help reduce business and technology risks, lower maintenance costs and increase scalability.

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Rajesh Saxena, chief executive officer at iGCB, commented: “Our new Open Finance enabled Retail Banking platform opens up new opportunities for banks in global markets, representing the future of banking. Giving financial institutions access through a centralised eMACH.ai platform that is composable and extensible allowing endless possibilities.

“Technology has been made highly accessible for banks enabling rapid deployment of business scenarios”, he added.

The news follows the launch of iGCB’S Open Finance enabled core banking platform on cloud in April 2023 in London.

Intellect Design Arena is a business with a cloud-native, API-led microservices-based multi-product platform in banking, insurance, and capital markets.

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In 2022, the company launched Magic Invoice, a no-touch invoice processing solution powered by AI, natural language processing and machine learning. The solution can accept documents from multiple sources, classify them, collect contextual data and then integrate the results back into the downstream system usping an API.