Emirates NBD has awarded a multi-million contract to Intellect Design Arena for complete digital transformation of its transaction banking business.

As part of the contract, the technology vendor will help the lender to enhance its proposition to retail and corporate clients by digitizing its operations, products and services.

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This project will also cover the bank’s operations across trade corridors across UAE, KSA, Egypt, India, Singapore and the United Kingdom.

The overhaul will equip the bank’s clients with the ability to view, monitor and control their working capital needs across cash management with enhanced visibility and data analytics, trade and FX, the technology vendor said.

The project incorporates Intellect Global Transaction Banking (iGTB) digital transaction banking solution driven by the integrated front-end, omnichannel CBX portal to offer enhanced user experience to the bank’s corporate clients.

Emirates NBD group head of transaction banking services Sumit Agarwal stated: “iGTB’s in-depth domain knowledge and expertise made it our partner of choice to create a best-in-class digital Transaction Banking platform that will strengthen our capability to respond to evolving business needs.“

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“Clients are at the centre of our digital transformation journey and this platform will enable our clients to seamlessly manage all aspects of working capital management, with enhanced visibility and data analytics.”

ENBD, Head of the wholesale banking, Jonathan Morris and iGTB CEO, Manish Makaan, signed the cash management contract.

iGTB CEO Manish Makaan stated: “This significant deal, with our 29th DTB client, reiterates our market leadership in the Middle East, with iGTB being the preferred go-to digital transformation partner for the transaction banking space. Our unwavering design-driven culture puts banks and businesses at the centre of everything we do.

“This not only creates desire and establishes trust with banks, but also results in a distinct advantage for them. We are delighted to support Emirates NBD’s digital transformation journey, especially given the Middle East’s strong position as a hub for global trade.”