Intellect Design Arena rallies 5% on securing new banking contract

The company's consumer banking arm has inked an agreement with AFC Commercial Bank to modernise its banking operations.

Shares of Intellect Design Arena rallied nearly 5 per cent to a high of Rs 704.50 on the BSE after AFC Commercial Bank signed a deal with the company to modernise its banking operations.

At 02:40 PM, the stock was up 2.4 per cent at Rs 687 on Thursday. The counter saw trades of around 16,000 shares as against the two-week average volume of around 34,000 shares. Meanwhile, the S&P BSE Sensex was flat around 67,467.

According to a release issued by Intellect Design Arena, AFC Commercial Bank has chosen, the company's consumer banking arm -  Intellect Global Consumer Banking offering Intellect Digital Core (IDC) to modernise its banking operations. 

IDC enables banks to launch innovative products across current and savings accounts, deposits, cards, payments, lending, treasury and trade finance to cater their customers' ever-evolving banking requirements, the release stated.

Earlier this month, the company's Consumer banking arm had unveiled iQuantum Treasury 23 - a comprehensive Reserve Portfolio Management Solution for Central Banks.

iQuantum Treasury 23, powered by eMACH.ai (Events-driven, Microservices-based, API, Cloud, Headles with underlying AI models), includes Forex, Money Markets, Fixed Income, Derivatives and central bank specific features like IMF’s Special Drawing Rights (SDR) management, ACU, Concurrent Audit and Advanced Portfolio Management, the company had said in a release.