Chennai: Reserve Bank of India (RBI) has selected Intellect to implement the upgraded version of its cloud-native Intellect Quantum Core Banking Solution (QCBS).
Fintech company Intellect Design Arena said that RBI will implement Intellect’s upgraded core banking solution for the next stage of the bank’s digital transformation agenda. Intellect is the trusted partner for RBI’s Central Banking Transformation.
Intellect’s the next generation QBCS, built on API first, cloud-native and cloud-agnostic microservices architecture has support of a rich set of packaged business components.
It enables RBI to seamlessly manage multiple activities such as supporting India’s treasury single account with real-time balance position for various government entities, national GST backbone, and a wide range of government and banking services.
Along with currency circulation through 3000+ currency chests, the depository for government securities including public debt auction management, sophisticated monetary policy operations and MNSB settlements for various market infrastructures,
It provides support for financial inclusion by facilitating a wide range of government direct benefit schemes for the public and government payment and receipt gateway with 24×7 RTGS, NEFT payments and settlements, enterprise general ledger with real-time balance sheet among others.
RBI is one of the largest and most complex central banks in the world with a balance sheet size of INR 57076.69 billion. It manages foreign exchange reserves, currency in circulation, regulating the banking industry as well as public debt, collections, and payments to the central and state governments, and union territories through RBI’s 30 regional offices.
Intellect’s QCBS currently supports RBI’s entire central banking operation, popularly called as e-Kuber.
Benchmarked to support over 100 million transactions and 30+ million ISO20022 payment messages on a peak day, the platform supports 250+ commercial banks, 35 state government and union territories along with a number of Central government ministries.
The next stage of the RBI’s digital transformation project, e-Kuber 2.0 aims to support high growth in transactions and services. RBI will deploy the entire QCBS platform with API’s first micro-services architecture on a cutting-edge large scale private cloud enabling a contextual modern user experience.
Intellect will also provide a new government portal for government entities with real-time multi-dimensional dashboards along with modernising the existing commercial banking portal.
“Intellect Quantum Central Banking Solution underlying MACH –enabled architecture will enable RBI to stay future-ready, with the ability to quickly and easily upgrade their systems, and navigate through the ever-changing economic landscape,” said Rajesh Saxena, CEO – Intellect Global Consumer Banking said
“We are excited for RBI to leverage the present-day best practices and the best of innovation from across the world with the latest version of our award winning central banking solution. It has been an honour for us to see our partnership with the Reserve Bank of India grow rapidly over the years,” added Saxena.