Union Bank of India partners with Intellect to bolster transaction banking with an advanced Cash Management System built on eMACH.ai  

Intellect Design Arena Ltd, a cloud-native, future-ready multi product FinTech company for the world’s leading financial and insurance clients, announced that Union Bank of India (UBI) has chosen Cash Management System built on eMACH.ai to automate and  elevate their enterprise-wide cash flows. This strategic partnership with Intellect will provide UBI  with a fully-integrated Cash & Payments Management platform, which is expected to enhance the  experience and operational efficiency of their corporate and SME customers. 

Union Bank of India, one of the leading public sector banks of the country, with the Government of  India holding 83.49% in the Bank’s total share capital, has a network of 8,870 domestic branches,  11,200+ ATMs, and 8200+ Business Correspondents Points serving over 153+ million customers. The  bank is committed to transforming into a digital-forward bank that pioneers the digitisation of all  banking processes and services. The bank recognises that it is not just a bank but also a technology  company and has begun modernising its core technologies to achieve its goal. The bank is also  adopting a customer-journey thinking approach to understand how customers would experience its  applications. 

Through this implementation, Intellect is focused on streamlining the cash management and end-to end mandate management business, to provide a seamless solution that enables the bank to identify  and address complex regulatory and compliance concerns comprehensively. Intellect’s innovative  products for corporate, commercial, and SME clients, will help the bank to enhance its customer friendliness through technology and achieve its goal of becoming the most customer-centric bank. 

With the help of Intellect’s Cash Management System, UBI will enhance its agility aiding user  experience. The platform enables the bank to update and expand its cash management offering by  providing a total crack sales solution, design of the overall approach, positioning, and providing the  bank with the necessary digital support. The solutions will help the bank become more competitive,  streamline internal processes and, in turn, generate additional revenue streams. 

Commenting about the deal win, Ramanan S V, Chief Executive Officer, India  and South Asia, Intellect Design Arena Limited said, “We are proud to partner with such a prestigious Tier 1 public sector bank in India to accelerate  their digital transformation. With Intellect’s API-first technology, the bank can  innovate with speed, ease, and efficiency to meet the evolving needs of its  cash management and transaction banking transformations. The selection by  Union Bank of India for this crucial project attests to our technology  leadership and the shared vision of making banking better.” 

Intellect will enable UBI to achieve an impeccable cash management process, boosting operational  efficiency and scalability. By providing a fully integrated transaction banking platform, Intellect  developed a solutions ecosystem that delivers seamless customer experience powered by the  award-winning front-end Contextual Banking Experience (CBX) platform with the ability to deploy 

new customers quickly, handle large volumes of transactions, improve operational efficiency and  help reduce complexity and cost. 

Intellect’s Cash Management predicts and automates enterprise-wide cash flows through: 

• Recommended actions that instantly address client needs and increase usage of the bank’s  products and services. 
• Recommended offers that initiate cross-selling existing or new products and services. ● Real-time modelling of what-if scenarios and alerts to manage forecasts and enable early  detection of funding shortfalls, FX exposure and trapped liquidity. 
• A clear calendar of payables and receivables with optimised options, such as automating  recurring payments, and delaying payments based on cash flow. 

Intellect recently launched eMACH.ai, the world’s largest and most comprehensive open finance  platform to design the future of banks and financial institutions. eMACH.ai is powered with 285 pre built microservices available on the cloud, and access to 1,214 APIs and 200 events to enable banks  to harness the power of AI and optimise operations.