iGTB SCF platform selected by the Bank of Baroda

With a USD 418 billion finance gap in the Indian SME sector alone, the roll-out of the digital platform will extend new financing and working capital opportunities to the bank’s clients - and their partners - expected to boost the number of digital transactions across the nation. Prime Minister Narendra Modi’s “Digital India” initiative - which aims to drive economic development through wide-ranging digital transformation across the country - has set an ambitious target of reaching 25 billion digital transactions in 2017-18.

Furthermore, increasing trade across a country rapidly establishing itself on the global stage is a high priority - India’s exports of USD 261 billion are up by 47.7% since 2009, and its internal trade as a proportion of GDP is at a healthy value of 54%.

The solution provides a full range of supply chain finance products - covering pre- and post-shipment, vendor finance, dealer finance and payable finance - and is highly flexible and scalable, with an omni-channel user interface that supports rich analytics, claims the company. By increasing automation and straight-through processing, while enhancing reporting capabilities, the platform should reduce transaction costs and risks.