Intellect GCB and VMware India announce Strategic Partnership to accelerate Digital Transformation for Financial Institutions

Intellect Global Consumer Banking (iGCB), ranked #1 in the world for Retail Banking by IBS Intelligence, announced a strategic partnership with VMware to accelerate the shift to digital for financial institutions across the globe. iGCB's state-of-the-art platforms are built as comprehensive and contextual fully integrated digital banking solutions for Central, Retail and Corporate banks. It is built on a cloud native and micro-services-based architecture empowering banks to move from fragmented digital activities to a reimagined (holistic) modernization strategy. The partnership and establishment of a Cloud Center of Excellence (CCOE), is a joint vision by iGCB and VMware to make cloud-based services more accessible and quicker for banks to drive their digital transformation.

The CCOE will aim to powerproduct assurance, certifications and customer specific proof of concept (POC) for iGCB's product suite on VMware Tanzu cloud infrastructure. Financial institutions with an innovative mindset will be able to envision their digital transformation journey with solutions that support missioncritical infrastructure and new technologies, thus reducing the overall cost of transition and increasing business agility.

The collaboration seeks to unlock the opportunities that VMware's cloudsolutions provide, and enablesiGCB to enhance and redefine customer experience through:

- A state-of-the-art scalable architecture that caters to the growing needs of the bank - users, transactions, volumes and product-portfolio growth.

- Flexibility in deployment of changes and features with the least downtime of the system and ensuring high availability in the private cloud model

- Resource optimization, an inherent advantage of elasticity with proven tools of VMware stack

The formidable partnership has been chosen by the Reserve Bank of India, one of the largest and most complex central banks in the world, to power the next stage of their digital transformation agenda. The central bank will be implementing the upgraded version of the award-winning Intellect Quantum Central Banking solution which will be hosted on VMware Tanzu cloud. Benchmarked to support over 100 million transactions and 30+ million ISO20022 payment messages on a peak day, the platform will support 250+ commercial banks, 35 state government and union territories along with a number of Central Government ministries.

Expressing his excitement on this partnership, Rajesh Saxena, Chief Executive Officer, said, "The CCOE collaboration reinforcesiGCBand VMware'sshared commitment to providing banks with their ideal path to cloud adoption. The partnership will assist clients across the globe in adopting the cloud for mission-critical banking services and also help them create differentiated customer experiences, accelerate time to value, and drive rapid innovation while reducing costs".

Commenting on the partnership, Pradeep Nair, Vice President and Managing Director, VMware India said, "We're delighted to partner with Intellect GCB and establish the Cloud Centre of Excellence. As Intellect GCB's customers look to rapidly enhance their digital capabilities in a multi-cloud world, the Centre of Excellence will help them mitigate risk, ensure compliance, and reduce time to market. We're already seeing customer validation of our partnership, and iGCB's choice of VMware Tanzu reaffirms our position as the industry-leading modern application platform".

Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 630.95 as compared to the previous close of Rs. 666.70. The total number of shares traded during the day was 55864 in over 3189 trades.

The stock hit an intraday high of Rs. 655.00 and intraday low of 625.25. The net turnover during the day was Rs. 35483987.00.

Source : Equity Bulls

Keywords

IntellectDesignArena INE306R01017 iGCB IntellectGlobalConsumerBanking Partnership VMware