The Commonwealth Trade Bank has chosen digital technology provider Intellect Design Arena to drive its digital transformation.

Intellect will implement its Digital Core solution, IDC 19.1, to accelerate transformation initiatives. It also aims to drive the bank’s vision of becoming a leading technology enabled trade finance bank.

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Peter Horton, The Commonwealth Trade Bank CEO, said: “Replacing our existing Core solution is a big step towards driving our transformation agenda. Intellect Digital core, IDC 19.1, was the most compelling, highly flexible and innovative solution in the market. Designed for Corporate as well as Retail banking, Intellect is the right sized partner to drive CTB’s digital transformation vision.”

The bank hopes to meet significant international trade opportunities in what it believes is an underserved market. Its strategic vision is to be a specialist international trade bank leveraging the best technology.

As a result, the bank appointed Intellect to implement a highly scalable, agile solution that could drive business forward.

Technology optimisation 

Rajesh Saxena, CEO, Global Consumer Banking, Intellect Desgin Arena, said: “We are
delighted to partner with The Commonwealth Trade Bank on this significant Core banking deal. With a strong alignment to the Bank’s ambitious growth agenda, we believe our fully integrated IDC 19.1 will support their vision of becoming an innovative and responsive digital Bank.

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“Intellect Digital Core banking suite is a unique combination of product innovation, technology optimisation, operations streamlining, transformational customer experience and lower total cost of ownership for the bank. We look forward to working with The Commonwealth Trade Bank on its transformation journey.”

Intellect’s solution offers a number of features for the bank to utilise. These include faster onboarding for customers and enhanced efficiency with complete STP and real-time reporting.

The Commonwealth Trade Bank was first established this year by British industrial entrepreneur Sanjeev Gupta. Since then, it now employs 14,000 people and is available in 30 countries.