Bank Central Asia has deployed the Digital Transaction Banking (DTB) platform of Intellect Global Transaction Banking (iGTB) to digitalize its cash management and liquidity management offering for large corporate clients and SMEs.
Image: Bank Central Asia is an Indonesian bank headquartered in Jakarta. Photo: courtesy of Akhmad Fauzi/Commons.wikimedia.org.
The implementation of DTB enables BCA to offer a comprehensive, Digital Transaction Banking solution to its local market for the first time.
And as improved connectivity, higher internet penetration and a young, growing and affluent population drive traction for digitalisation in Indonesia – digital banking penetration is set to hit 60% by 2020 – this implementation sees BCA spearhead the digital transformation of a corporate banking sector that is hastening to follow suit.
BCA digital innovation solution head Jayaprawirya Diah said: “This implementation gives us a one-stop solution to answer our corporate clients’ or customers’needs – meaning they no longer need to worry about switching between different portals, or aggregating data from several sources. iGTB’s DTB suite is flexible enough to accommodate user demands of all kinds, and we are sure our customers will be delighted by the benefits in terms of efficiency and user experience.”
iGTB CEO Manish Maakan said: “We’re delighted to support Bank Central Asia as it contributes to Indonesia’s 2020 Go Digital vision, which is expected to realise over USD 130bn e-commerce transactions by 2020.
“Improving cash management services for Indonesian banks and their corporate clients is only possible using technology that is secure, convenient and efficient – and DTB is all these things. This platform will play a key role in helping Indonesian SMEs and corporates contribute towards the goal of transforming the economy and set the benchmark for modernisation in the country.”
The second phase that went live recently brings an additional 40 customer journeys into operation. The platform now handles over USD 1bn transactions per month, benefitting over 275 corporate clients in just 12 months – with an unparalleled level of straight-through processing. Transaction value has grown 300% in just three quarters.
Key features of the implementation include bulk uploads, e-bookkeeping, credit facility summaries covering all products across multiple systems, and electronic invoice discounts for early payments.
This translates into dramatically improved cash-flow management for BCA’s large corporate clients and their extended supply chains, with market-specific offerings such as tax payments, virtual account payments and bulk supply chain finance processing, with multiple outlets & corporate-specific invoice and purchase order templates.
Maakan said: “Our longstanding experience with Asian banks & financial institutions and our sophisticated suite of digital transaction banking solutions enable BCA to set the standard for its industry peers with a best-in-class cash management offering that will boost the growth and profitability of their clients.
“It’s fantastic to play a role in BCA’s digital leadership, and we are excited to continue playing a central role in their transformation.”
Source: Company Press Release