Financial news

Intellect Design Arena Ltd, a cloud-native fintech firm serving banking and insurance clients across the globe, has launched its ‘first principles’ technology suite, ‘eMACH.ai’, for bankers specifically in the Middle East and Africa.

eMACH.ai, an open finance platform, is based on the five principles of configurability, richness, scalability, ease of integration, and composability. eMACH.ai helps banks create their own ‘My Signature Solution’ by harnessing the power of artificial intelligence and optimising operations.

With the new technology suite, Intellect Design Arena aims to keep a bank’s customer in focus. Financial institutions orchestrate their offerings based on these events to ensure customer satisfaction and regulatory compliance. This orchestration is done using a well-defined set of self-sufficient services referred to as Microservices in the tech community.

To provide complete services from approval to credit decisioning to risk compliance to regulatory reporting, corporate banking ecosystems like liquidity, payments, cash management, virtual accounts, SME lending, corporate DDA and trade and supply chain finance, these microservices must collaborate with other services.

These events, microservices and APIs deployed on a native cloud environment, look to deliver a more seamless experience, either through the feature-built UI/UX or ‘Headless’, where financial institutions can create their UI/UX based on their unique requirements. With embedded AI for operational efficiency and smart decisioning, emach.AI is the most comprehensive ‘first principles’ technology addressing the current and future needs of any financial institution.

Supporting banks and FIs across the Middle East and Africa

Arun Jain, CMD and chief architect of Intellect Design Arena Limited, explained the success eMACH.ai has seen so far: “We have secured 29 mandates from global banks who have chosen to use eMACH.ai services.

“We have conducted over 150 eMACH.ai workshops to assist these banks in designing their future strategies around customer opportunities rather than just focusing on technology maximisation and optimisation.”

The eMACH.ai suite will look to support banks and financial institutions in the Middle East and Africa, with plans to:

• Empower banks with 329 microservices, 1,757 APIs and 535 events
• Act as a catalyst for digital and cognitive enterprise transformation by signifying the shift with Intellect’s leadership guiding banks to stay ahead
• Foster financial innovation and redefine the future of financial technology in the Middle East and Africa region, giving the region its global edge
• Help financial institutions to progressively transform technology, leveraging marketplaces like IDC, iKredit360, digital transaction banking, digital wealth management and insurance