IBM Targets Corporate Banking With The Cloud

IBM is teaming up with Intellect Design Arena to deliver new solutions for corporate banks, according to a press release on Thursday (June 7).

The technology conglomerate is deploying its IBM Cloud solution in conjunction with Intellect Global Transaction Banking (iGTB), a provider of corporate banking technology. The two companies will jointly develop applications, cloud services and infrastructure for financial institutions (FIs), while iGTB’s CBX S-18 corporate banking platform will be available through IBM Cloud to reach bank customers.

CBX S-18 uses APIs, machine learning, predictive analytics and other technologies to automate and customize operations for corporate bankers. The solution can produce “best-next” actions based on business data, the companies explained, and is designed to enhance FIs’ services for corporate treasurers, while reducing costs for the banks themselves.

IBM and iGTB will first focus on U.S. bank clients, the firms noted.

Manish Maakan, CEO of iGTB, said in a statement, “For banks undergoing digital transformation, the risk of slow and disruptive implementation is a pressing concern. Working with IBM, we’re ensuring that not only can we offer the most sophisticated transaction banking solutions, but we can serve clients through the IBM Cloud — implementing quickly, seamlessly and with minimal risk.”

Maakan added that, in addition to enhancing the accessibility of its offering, iGTB is using its collaboration with IBM to enhance further development of corporate banking services.

“But this is about more than how we deliver our products,” Maakan said. “Collaborating with an industry leader such as IBM means we can share resources and deliver this combination to our clients, whilst simultaneously enabling ourselves and IBM to grow and further develop our offerings.”

Shanker Ramamurthy, General Manager Strategy and Market Development of Industry Platforms at IBM, said, “Our collaboration with iGTB brings together their transaction banking expertise with IBM’s deep banking technology leadership. Our combined strengths can help impact more financial services organizations to help them harness the disruptive power of cloud.”

He added that “iGTB’s clients can run their mission-critical enterprise workloads in IBM Cloud’s network of nearly 60 data centers across the globe.”