Indian Bank of Baroda is working with a FinTech player to enhance its supply chain finance offerings.
Reports in Business Standard on Wednesday (Jan. 17) said iGTB (Intellect Global Transaction Banking) is integrating its supply chain solutions into Baroda to offer to its own corporate customers. In addition to supply chain finance, the platform provides payable and supplier finance. The companies said the solution can integrate across channels and supports data analytics to boost reporting capabilities.
According to Baroda and iGTB, the collaboration will boost automation and through processing to reduce global transaction costs, reports said.
Reports earlier this month revealed iGTB is looking to expand internationally as well, with the company announcing the appointment of Ravi Pandit as its new EVP and head of Sales in the U.S. as it looks to strengthen its position in the market.
“With new initiatives, such as real-time payments, forcing U.S. banks to undergo large-scale digitalizations while continuing to provide top-level services to clients of all sizes, many U.S. technology vendors simply aren’t offering the necessary technologies or implementing these in a seamless, non-disruptive way,” the executive said at the time.
Baroda’s iGTB partnership means the bank is joining a growing list of traditional players collaborating with FinTechs to enhance supply chain finance and other corporate financial service offerings. In 2014, Tokyo’s Mizuho Financial Group announced a deal with PrimeRevenue to similarly provide supply chain finance capabilities to the bank’s corporate clients. More recently, last August, reports said the National Bank of Ras Al-Khaimah, also known as Rakbank, is working with Invoice Bazaar, which will also provide supply chain financing capabilities to the financial institution’s customers.
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