Intellect Global Transaction Banking (iGTB) has helped one of Indonesia’s largest banks, PT Bank Central Asia Tbk (BCA), undergo a digital transformation with the help of its digital transaction banking (DTB) platform.
A part of Intellect Design Arena Limited, the transaction banking and technology specialist iGTB has completed a successful implementation of its DTB platform enabling Indonesia’s BCA to offer a digital transaction banking solution to the local market for the first time.
The digitalisation of its cash management and liquidity management offering is in line with Indonesia’s 2020 ‘Go Digital’ Vision.
"We are delighted to support Bank Central Asia as it contributes to Indonesia's 2020 Go Digital vision, which is expected to realise over US$130 billion e-commerce transactions by 2020,” said Manish Maakan, CEO of iGTB.
“Improving cash management services for Indonesian banks and their corporate clients is only possible using technology that is secure, convenient and efficient - and DTB is all these things.
“This platform will play a key role in helping Indonesian SMEs and corporates contribute towards the goal of transforming the economy and set the benchmark for modernisation in the country."
Coming at an opportune time, it is expected that by 2020 digital banking penetration is set to reach 60 per cent of Indonesia’s 260 million population.
"This implementation gives us a one-stop solution to answer our corporate clients' or customers' needs - meaning they no longer need to worry about switching between different portals, or aggregating data from several sources,” added Jayaprawirya Diah, head of digital innovation solution, BCA.
“iGTB's DTB suite is flexible enough to accommodate user demands of all kinds, and we are sure our customers will be delighted by the benefits in terms of efficiency and user experience."
With this second phase of this project going live recently, an additional 40 customers went into operation, bringing the total transactions handled by this platform to US$1 billion transactions per month, growing 300 per cent in just three quarters.
A total of 275 corporate clients have now benefited from this platform over a 12 month period.
Some of the key benefits of the implementation include bulk uploads, e-bookkeeping, credit facility summaries covering all products across multiple systems, and electronic invoice discounts for early payments.
What this means for workflow efficiencies is an improved cash-flow management for the bank’s large corporate clients and their extended supply chains, with market-specific offerings such as tax payments, virtual account payments and bulk supply chain finance processing, with multiple outlets and corporate-specific invoice and purchase order templates.
"Our longstanding experience with Asian banks & financial institutions and our sophisticated suite of digital transaction banking solutions enable BCA to set the standard for its industry peers with a best-in-class cash management offering that will boost the growth and profitability of their clients,” said Maakan.
“It is fantastic to play a role in BCA's digital leadership, and we are excited to continue playing a central role in their transformation."