iGTB SCF platform selected by the Bank of Baroda

Thursday 18 January 2018 10:07 CET | News

Intellect Global Transaction Banking (iGTB) has implemented a comprehensive SCF for Bank of Baroda, India’s International Bank. 

With a USD 418 billion finance gap in the Indian SME sector alone, the roll-out of the digital platform will extend new financing and working capital opportunities to the bank’s clients - and their partners - expected to boost the number of digital transactions across the nation. Prime Minister Narendra Modi’s “Digital India” initiative - which aims to drive economic development through wide-ranging digital transformation across the country - has set an ambitious target of reaching 25 billion digital transactions in 2017-18.

Furthermore, increasing trade across a country rapidly establishing itself on the global stage is a high priority - India’s exports of USD 261 billion are up by 47.7% since 2009, and its internal trade as a proportion of GDP is at a healthy value of 54%.

The solution provides a full range of supply chain finance products - covering pre- and post-shipment, vendor finance, dealer finance and payable finance - and is highly flexible and scalable, with an omni-channel user interface that supports rich analytics, claims the company. By increasing automation and straight-through processing, while enhancing reporting capabilities, the platform should reduce transaction costs and risks.

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Keywords: iGTB, SCF platform, Bank of Baroda, eInvoicing, India, SME, transaction, automation
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech