UK-headquartered Commonwealth Trade Bank is preparing to deploy Intellect Design Arena’s IDC core banking platform.
IDC will reportedly be deployed across several different verticals at CBT
Commonwealth Trade Bank was established in 2019 following the acquisition of Diamond Bank by the Gupta Family Group (GFG) Alliance, an international group of businesses owned and managed by British entrepreneur Sanjeev Gupta.
The Commonwealth Trade Bank primarily aims to be a specialized global financial institution for trade.
The bank has decided to use Intellect’s fully integrated IDC 19.1 platform across its corporate, lending, treasury, and payments services. The bank will also use Intellect’s software to handle its deposits, regulatory reporting, and ledger operations. The IDC solution will be deployed on a cloud-based platform.
Peter Horton, CEO at Commonwealth Trade Bank, stated:
“Replacing our existing core solution is a big step towards driving our transformation agenda. 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 [our] digital transformation vision”.
In February 2019, the Commonwealth Trade Bank (Diamond Bank at that time) had been using Oracle Financial Services Software’s Flexcube, which had been configured as part of a group-wide installation.
Earlier this year, Temenos, Mambu and ERI Bancaire were thought to have been competing for the deal. GFG Alliance-owned Weylands Bank currently uses ERI Bancaire’s Olympic banking software.
Rajesh Saxena, CEO of global consumer banking at Intellect Design Arena, noted:
“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.”
Saxena added:
“Intellect Digital Core banking suite is a unique combination of product innovation, technology optimization, 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.”