India-based Federal Bank has selected Intellect Design Arena’s digital transaction banking (DTB) system to grow its transaction banking business.

DTB system is backed by an omnichannel corporate banking exchange (CBX) portal embedded with backend processors for collections and receivables, payables, account services and supply chain finance.

The technology vendor said that the latest banking system will offer enhanced digital experience to the bank’s customers by offering tailored products through an intuitive omni-channel platform.

The platform will help the lender to slash costs and increase efficiency by promoting automation.

Federal Bank COO Shalini Warrier said: “This deal underlines our commitment to digital innovation as a way of adding value for our clients, and will help unlock the huge potential in the Indian transaction banking market.

“Our motto is “Digital at the Fore, Human at the Core” and this implementation echoes that message – a full digital refresh, with the final aim of making life as easy as possible for our SMEs to large corporate clients.”

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Federal Bank had a branch network of 1,252 branches and 1,678 ATMs across India as on 30 September 2017.