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Intellect Design Arena

Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

IDC platform is a comprehensive product suite that has modules covering all aspects of banking.

Customer management. A comprehensive customer inquiry system (360-degree view) for quick snapshot of information about the customer and the linked accounts. Customer-level portfolio snapshot, including liability and asset accounts, along with customer-level profitability is available. IDC has options to capture exhaustive customer details while creating a new customer along with image/signature capture facility.

Account management. IDC has various options for account management starting with quick account opening and capturing account details. IDC supports menus for account information in terms of separate functions for opening, amendments, closing, inquiries and print functions.

DDA Module. The DDA module caters to both retail and corporate customer segments. Workflow can seamlessly chain business processes and move transactions across the approval matrix. The DDA module can handle a variety of products such as salary accounts, savings accounts, investment accounts and checking accounts with overdraft. In addition, purpose-driven, goal-based accounts can be created.

Product configurator / product management. IDC has a rich and robust product configurator that helps the bank design products that suit the needs of the various customer segments and its end customers. In quick and easy steps, the product configurator enables the bank product manager to design and create products rapidly and roll them out into the market instantly. Products can be created based on a hierarchy, and different variants of products and sub-products can be created and rolled out to the customers. Templates of products can be created and maintained, which enables faster roll out and adoption of standard features of existing products. Product rules and attributes are defined at the product level and sub-product level, thereby creating a rule layer spread across multiple layers of the product and thereby offering flexibility. Multi-currency is supported as part of product configuration. Product packages can also be setup through the configurator. A bank can create multiple product packages for its various customer segments or customers. Pricing can be defined for every package on a monthly basis or any pre-defined frequency.

CDs. The CD module of IDC supports CDs for multiple currencies. Accounts and contracts opened under a deposit product can be defined for a specified time period and amount. Interest rates can be defined for the matrix of tenor and amount. Deposit contracts can be set for autorenewal or auto-closure. Settlement details for every deposit contract can be defined as part of the contract.

Authorization. The authorization module provides the controls required to monitor financial and non-financial transactions. All financial transactions must be authorized before the end of the day.

Standing instructions. IDC comes with a detailed and functionally rich standing instructions module. This takes care of all the predefined periodic movement of funds from one account to the other. Fund movements, such as recurring funds to be moved every month on payday from a primary account to a secondary account can be configured as a standing instruction. Rules can be defined on these standing instruction executions as well.

Loan origination. A workflow-based and business rule engine-based loan origination module is used for both retail and corporate customers. All the initial checks during the loan origination process can be done using the LOS module. LOS supports the revenue generation model adding to the top line with multiple product support across business lines.

Loan management. The loan management system is an end-to-end loan life-cycle management system that caters to multiple product segments through its flexible parameter definition. It allows configuring the structure of different credit products with a combination of multiple product features, including loan duration and interest rate.

Collateral and limit management. This module handles both collateral management as well as enterprise-wide limit management. With a proactive limit-monitoring and control mechanism that spans across lines of businesses, a bank can have centralized tracking of both secured and unsecured exposures for a given customer relationship. Limit management becomes even more important for tracking exposures on SME or corporate clients.

Debt management. This function is a comprehensive debt receivables management system which, besides meeting a bank’s collection operations requirements, delivers advanced features to improve the business capabilities. The system comprehensively manages receivables from various types of loans.

Reports. IDC comes with an exhaustive set of canned, out-of-the-box reports in PDF and Excel formats. These reports are linked to menu programs within IDC and can be invoked as and when required. IDC also comes with a report-building tool that is easy to use by a business user. With data sources configured and pointed to the report builder, reports can be designed and generated as and when required. More importantly, the format of the report, layout of the report as well as the report type (XLS, CSV, PDF, XML, etc.) can be configured.

Audit trail. Every transaction that happens within IDC is recorded in the database with the maker of the transaction, timestamp and the IP address from where the transaction was initiated. All such information is recorded along with the transaction in the audit table.

Enterprise wide integration platform. IDC is capable of seamlessly integrating with external systems using its standard enterprise integration platform called Olive Fabric. Olive Fabric can help in quick integration with a bank’s ecosystem. The exchange of requests and responses are real-time through APIs. This layer acts as the message/ service broker for Intellect’s services. The IDC platform has over 300 APIs covering 1,269 business functions, consisting of public, private and open APIs that will be used to integrate with external systems.

Common services layer. To avoid redundancy of business operations repeated in every module, the common services layer encompasses the frequent and repeated services that are required by every module and product processor. Common services span the product processor, and services can be consumed by any of the functional components requiring these services.

Intellect security layer. An integrated suite of security services to provide end-to-end security with minimal effort and low cost. ARX provides authentication and entitlements for users and user groups accessing the application. ARX also provides two-factor authentication and can integrate with a bank’s solution for a seamless single signon experience. All logins and sessions are controlled through session tokens and are logged and monitored with the audit trail maintained for every footprint. 

Firm's Response to Core Committee's Key Areas of Focus

IDC states they are GDPR-compliant and the road map includes compliance to industry standards for secure data sharing like FDX. The secure data standards will be made available by October.

Bank owns their data.

While IDC does not offer its own data warehouse solution, it is on the roadmap. Currently, the client bank can expose the logical data model to design a data lake or data warehouse. The data model is designed to be multi entity and multi-currency. IDC states that the bank owns the data – no one else accesses data. Data access is by entitlement in IDC.

IDC states that they have API First architecture. The product is open banking-compliant and adheres to OBIE standards. Approximately 300 APIs are readily available for consumption by any third-party system. APIs can be consumed by fintech firms and third-party data aggregators to enable additional services. This data sharing is strictly governed by the regulatory standards applicable to the geography in which the product operates.

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

Intellect Design Arena states the following:

  • No exclusivity provisions.
  • All contracts are coterminous.
  • De-conversion fees are based on time and materials on a published hourly rate. No exit barriers.
  • Limitations of Liability are a variable negotiated with customer; could be months, one year or term of contract.
  • Detailed SLAs and remedies included in all contracts.
  • Customer is responsible for a part of the total value of the contract if terminated early.

Quick Facts

Quick Facts
Headquarters LocationBangalore, India;
Richardson, Texas
Websitefinacle.com
Year Established1981
Ownership ModelPublic
Regionally Focused or NationalNationwide
Number of Cores Offered1
Name of Core SolutionFinacle
Number of US Banks on the Core5
FunctionalityRetail, SME and Commercial, with full, advanced digital capabilities across online and mobile channels.
Target Bank Asset SizeCommunity banks
Business StrategyInfosys Finacle states that their strategy for the U.S. market is to continue to sell to large banks, but also create a separate business unit focussed on community banks. This unit will offer the Banking SAAS offering to provide a more open solution for community banks.