Union Bank of India Achieves End-to-End Digital Transformation with Intellect’s Cash Management System

Intellect Global Transaction Banking (iGTB) has proudly announced the successful implementation of its Cash Management System, built on eMACH.ai, at Union Bank of India (UBI). This marks a significant step in UBI’s journey toward comprehensive digital transformation in transaction banking.

UBI, a major public sector bank headquartered in Mumbai, serving over 120 million customers with a business size of US$106 billion, sought to modernize its transaction capabilities. The eMACH.ai powered cash management system, tailored to handle high transaction volumes for payments and mandates, was deployed at UBI with remarkable efficiency. The implementation began on June 19, 2023, and achieved go-live in a remarkable five months, setting a new industry standard.

Key Achievements of the Implementation:

• Record Go-Live Time: The deployment at UBI is recognized as one of the fastest in the field, completing in just five months.
• Transaction Volume Amplification: The bank experienced a substantial increase in payment transaction volumes, up to five times compared to the previous capacity.
• Enhanced Mandate Business: The implementation facilitated the expansion of UBI’s Mandate business through a seamless, fully automated process.
• Direct NPCI Connectivity: Establishment of direct connectivity with NPCI via Intellect’s Turmeric framework, transforming a manual process into a fully automated one.

Intellect’s suite of cash management capabilities, covering Payments, Mobility, Host-to-Host Solution, and Mandate Management in Collections, played a pivotal role in enabling these outcomes. The comprehensive platform is geared to serve corporate customers and MSMEs effectively.

Moreover, UBI is poised to elevate customer interactions through iGTB’s Digital Engagement Platform CBX and Open Banking APIs.

Ramanan S V, Chief Executive Officer, India and South Asia, Intellect Design Arena Limited, expressed pride in the partnership, stating, “This partnership is a testament to our technological prowess at iGTB and our commanding market coverage, showcasing our India’s stack capabilities.”

With over 60% of the world’s top corporate banks powered by Intellect’s Transaction banking products, including eight of the top 10 Indian banks, this achievement reinforces Intellect’s position as a leader in transaction banking transformation.