Intellect Design Arena rose 1.62% to Rs 829.30 after the company said it has partnered Microsoft to establish corporate banking transformation on Cloud.
The company announced that Intellect Global Transaction Banking (iGTB) will integrate Microsoft Cloud for Financial Services to accelerate cloud adoption and digital transformation initiatives of corporate banks.iGTB is the world's first complete global transaction banking platform from Intellect Design Arena.
The collaboration will see iGTB adopt Microsoft as its preferred cloud platform to remove traditional barriers of banking technology adoption, thereby help banks go-to-market 3 to 4 times faster with liquidity, cash management, payments, trade finance & supply chain finance cloud offerings to their corporate clients.
This collaboration is set to drive sustained banking digitalisation, help banks transform their corporate banking business models, modernise their cloud technology stacks, and consume 'Banking-As-A-Service' out-of-a-box.
Banks can now get access to bank-grade secure and hyper-scalable cloud infrastructure paired with iGTB's cloud-native banking technology to fully support burgeoning customer demands and regulatory needs, the company said in a statement.
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Manish Maakan, CEO, iGTB said: "This collaboration with Microsoft allows just that:security and worry-free scalability while allowing the bank to launch products 3x to 4x faster, deploy updates and enhance the customer experience quickly and easily. Equally importantly, it frees up capital,lowers the complexities and risks associated with the traditional digital transformation, and significantly reduces time-to-value. We look forward to taking together Banking-As-A-Service proposition to 1000 banks across 70 countries, and helping them dramatically expand their transaction banking business at a lower cost."
Intellect Design Arena is the world's first financial tech company that covers the entire spectrum of banking and insurance needs with its wide suite of products.
The company's consolidated net profit surged 25.5% to Rs 100.85 crore on a 33% increase in net sales to Rs 508.29 crore in Q3 FY22 over Q3 FY21.
Shares of Intellect Design Arena fell as much as 1.97% in morning trade. The Nifty 50 index was currently down 198.80 points, or 1.16% at 16,973.15.
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