iGTB launches cloud version of its banking software

igtpFinancial service provider Intellect iGTB, formerly part of Polaris, said its banking solution has been launched on the cloud using the software-as-a-service model.

Software as a Service is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is sometimes referred to as “on-demand software” and offers a cheaper solution to distributed enterprises like banks and retail chains.

Due to concerns about data security, banking solutions are typically not deployed on the cloud model, though that trend is starting to change.

The solution was designed for, and has been implemented by, banks across the spectrum from small to regional to global, and in turn used by their business customers of all sizes, iGTB said.

“The new availability on the cloud will be of value in particular to local and primarily domestic banks, as it allows them to bypass more costly and long-term investment and implementation procedures by eliminating the need to physically integrate the technology solution into their existing systems. Instead, they can access the software as a Service and use it for onboarding any of their customers simply.”

The solution comprises account services, reporting, collections and receivables (including EPP), liquidity, trade finance, supply chain finance and treasury products, all seamlessly integrated.

The solution already has over 70 installations.

Intellect Design Arena Ltd is a full spectrum banking and insurance technology products company. Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives. It has annual revenues of more than $124 million, serving more than 200 customers through offices in 40 countries and with a diverse workforce of more than 4,000 solution architects, domain and technology experts in major global financial hubs around the world.