Intellect launches iColumbus.ai to bring intelligence to trade and supply chain finance

21 Feb 2022 , 03:42 PM

Intellect Design Arena Limited informed the exchanges that Intellect Global Transaction Banking (iGTB) today launched iColumbus.ai, named after the pioneer whose discoveries eventually opened up the world to truly global international trade. iColumbus.ai is on a mission to disrupt the way that trade business is conducted today, helping banks differentiate themselves through digitalization, enhance operational resilience, and champion sustainability.

iColumbus.ai is an Artificial Intelligence powerhouse for trade finance, enabling the extraction, validation, remediation, and enrichment of machine-readable data whilst radically reducing the time, cost, and risk traditionally associated with manual compliance checks.

The native AI engine, working in combination with advanced machine learning, natural language processing and computer vision techniques can contextualise and process 500 different document types in 87% less time with complete accuracy.

Intellect Design Arena Ltd stock trade on Monday ended at Rs665.50 per share down by Rs14.75 or 2.17% from its previous closing of Rs680.25 per share on the BSE.

• Benefiting from around 25 years of experience in Trade Finance, starting with one of the world’s largest trade banks, iColumbus.ai is today:
• Powering 35+ banks across Europe, Middle East, Africa, India, Asia and Australia
• A state-of-the-art technology platform that drives contextual and composable products for banks
• SWIFT Certified for the latest industry messaging standards
• A combined platform for trade and supply chain finance with associated limits management and risk distribution capabilities
• Trade Finance covers 12 in-depth business functions with 53+ user journeys: Import letter of credit, Export letter of credit, Inward collections, Outward collections, Bankers acceptances, Reimbursements, Guarantees & Standbys, Bills discounted, Trade loans, Shipping Guarantees, Participations & Syndications and Islamic Finance
• Supply Chain Finance covers 7 extensive business functions with 104+ user journeys: Payables finance, Receivables discounting, Pre-shipment finance, Dealer finance, Supplier onboarding, Dynamic discounting and Invoice/PO management.

Manish Maakan, CEO, iGTB, “The extensive use of AI, neural techniques and learning algorithms in banking is no longer fiction or future vision. iColumbus.ai puts banks, corporates and their users ahead of the game to drive extreme paperless trade efficiencies. The iColumbus.ai architecture stack and AI tech stack developed in-house is the key to future-proof technology investments of banks and to jumpstart their profits from trade and supply chain finance business.”