Intellect Global Transaction Banking (iGTB), the transaction banking specialist from Intellect Design Arena Limited, ranked #1 in the world for Transaction Banking by IBS Intelligence, today announced it will support SocieteGenerale, a major player in the economy for over 150 years, supporting 29 million clients every day with 138,000 staff in 62 countries, in implementing the world's #1 Liquidity Management solution.
While 2020 was a year of great resilience, it has highlighted the urgent need for banks to deliver to their corporate clients significantly increased sophistication in corporate Treasury and Liquidity Management through automation and digitalisation. New capabilities are required to meet the combined challenges presented by negative interes rates, restrictions on cross-currency and cross-border cash pooling, increasing expectations for self-service and delivering cross-functional efficiencies to corporate treasurers. At the same time, financial institutions have been carefully shoring up balance sheets and driving operational efficiencies to ensure appropriate levels of strength to contend with an uncertain economic environment.
In this context, SocieteGenerale has chosen Intellect iGTB for its world-leading Liquidity Management System (LMS).
iGTB's LMS, and its associated Liquidity Management suite of products, is designed with the premise that every Euro of corporate liquidity will - at some stage - be a Euro of bank liability. LMS's best-in- class real-time cash pooling is augmented with an array of tools for the corporate treasurer to deliver fully automated liquidity management across multiple accounts, multiple entities, multiple currencies, multiple geographies and multiple banks. To support the symbiotic relationship between the corporate treasurer and the bank, iGTB's Liquidity Management suite offers processors to improve the bank's balance sheet metrics and, simultaneously, deliver appropriate value to corporate liquidity and deposits.
In line with its strategy to focus on client centricity and increase operational efficiency, SocieteGenerale is particularly enthusiastic to work with iGTB, who has a strong track-record in working with large global banks. SocieteGenerale is confident that together they can bring best-in-class solutions to its corporate clients.
Commenting on this announcement, Manish Maakan, CEO, iGTB said, "This win further demonstrates how iGTB, in partnership with leading banks like SocieteGenerale, is the market leader for Liquidity Management. The decision of SocieteGenerale to choose iGTB to support the Bank with its digital transformation journey and growth plans is a reflection of SocieteGenerale's commitment to increase customer satisfaction while preparing for the future. This new Liquidity Management partnership means that four of the six largest banks in Europe are clients of iGTB, reinforcing our position as the partner of choice for the world's largest financial institutions and underpinning our world-leading position in Liquidity Management and Transaction Banking."
iGTB's Liquidity Management Solution is a 100% cloud native liquidity management platform that includes out-of-the-box core capabilities such as cash sweeping, notional pooling, inter-company lending, investment sweeps, fund NAV (Net Asset Value) processing, real-time cash control and the latest in client user experience. LMS is the industry leader for banks offering liquidity products to corporate customers. Sweeping over $4 trillion cash annually, allocating interest on $35 trillion of notional pool balances and licensed by more than 40 financial institutions worldwide, LMS delivers a superior, sophisticated, multi-account, multi-entity, multi-currency, multi-geography, multi-DDA, multi- bank client experience. Live in 57 countries, LMS has demonstrated the ability to meet different regulatory, tax and legal requirements from around the world.
Shares of Intellect Design Arena Ltd was last trading in BSE at Rs.706 as compared to the previous close of Rs. 681.5. The total number of shares traded during the day was 65480 in over 2589 trades.
The stock hit an intraday high of Rs. 712.55 and intraday low of 670. The net turnover during the day was Rs. 45624241.