Intellect Design Arena Ltd, a leading cloud-native, multi-product FinTech company serving the world’s top banking and insurance clients, proudly announces the launch of two state-of-the-art AI-powered platforms: iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange). These platforms are powered by eMACH.ai, the most extensive and innovative open finance platform available today.
Both platforms are built using ‘First Principles’ Thinking and embedded GenAI from Intellect’s proprietary Purple Fabric AI platform. This advancement marks a significant expansion of Intellect’s presence in the Commerce ecosystem, transforming procurement and accounts payable operations for large and mid-sized enterprises.
Introducing iCPX: A New Era in Corporate Procurement
iCPX is the world’s first purpose-driven, open API-based source-to-pay platform, designed to revolutionize the corporate procurement ecosystem. It addresses the key challenges of procurement, such as cost overruns, inefficiencies, and non-compliances, which stem from the need for cognitive decision-making, manual content generation, and the lack of timely insights for proactive process interventions.
By embedding expert AI agents and promoting the API Economy, iCPX empowers businesses globally to achieve unprecedented efficiency, cost-effectiveness, and strategic agility. Key features of iCPX include:
- Support for both specifications-driven and catalog-driven procurement
- Over 100 procurement mode variations
- Pre-built assets like 111 APIs and 17 microservices
- Experience from managing one of the largest procurement marketplaces for over six years
Introducing iAPX: Redefining Accounts Payable Operations
iAPX is the world’s most comprehensive AI-led Accounts Payable Platform, designed to enhance accuracy and efficiency in the accounts payable process. Key challenges in Accounts Payable, such as handling high volumes of invoices in disparate formats and ensuring timely payments while maintaining compliance, are effectively addressed by iAPX.
Leveraging CDG (Cognitive Data Graph) Technology and powered by 12 global patented algorithms and 7 expert agents, iAPX significantly reduces invoice duplication and discrepancies by up to 98%. It automates time-consuming repetitive tasks and content generation, thereby reducing time, cost, and compliance concerns for enterprises.
Driving Global Adoption with iDTC
Intellect will promote these products globally through its newly established business line, Intellect Digital Technology for Commerce (iDTC). Commenting on the launch, Debanjan Kumar, CEO of iDTC, stated, “iCPX and iAPX will spearhead a transformative shift in corporate procurement efficiency and financial processes with our groundbreaking technologies composed of eMACH.ai. Our steadfast commitment lies in seamlessly integrating cutting-edge AI technologies and empowering businesses globally to achieve unparalleled levels of productivity, cost-effectiveness, and strategic agility. Intellect targets $30-35 million business with iAPX and iCPX by 2027.”
About Intellect Design Arena Ltd
Intellect Design Arena Ltd. offers the world’s largest cloud-native, API-led microservices-based multi-product platform for leaders in Banking, Insurance, and Capital Markets. eMACH.ai, the most comprehensive open finance platform, is at the forefront of the BankTech Wave 5, enabling financial institutions to move from product and process to design and experience, crafting their unique “My Signature Solution”.
With over three decades of deep domain expertise, Intellect is a trusted partner for digital transformation initiatives in the financial sector. The company operates through four lines of businesses: Intellect Global Consumer Banking (iGCB), Intellect Global Transaction Banking (iGTB), Intellect AI, and Intellect Digital Technology for Commerce (iDTC). Intellect’s dedication to innovation is exemplified by FinTech 8012, the world’s first design center for financial technology.
Serving over 270 customers across 57 countries with a diverse workforce of solution architects, and domain and technology experts, Intellect is committed to continuous innovation and impactful digital transformation.
For further information on Intellect Design Arena Ltd. and its solutions, please visit www.intellectdesign.com.
