Intellect Global Transaction Banking, a transaction banking and technology specialist, has implemented a comprehensive supply chain finance platform for Bank of Baroda, India’s International Bank.

With a $418 billion finance gap in the Indian small and medium enterprise (SME) sector alone, the roll-out of the digital platform will extend new financing and working capital opportunities to the bank’s numerous 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 $261 billion are up by 47.7 percent since 2009, and its internal trade as a proportion of GDP is at a healthy value of 54 percent.

Finally, by supporting the bank’s manufacturing clients across the country, the platform is helping Modi’s Make in India initiative become a reality, transforming India’s economy into to a world-class manufacturing hub.

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 flexible and scalable, with an omni-channel user interface that supports rich analytics. By increasing automation and straight-through processing, while enhancing reporting capabilities, the platform should drastically reduce transaction costs and risks while uplifting satisfaction of the bank’s clients.

“With this latest state-of-art digitized SCF product, we are now live with a few large corporates and many more in the pipeline,” said Litesh Majethia, Bank of Baroda’s head of supply chain finance. “With this product we will be augmenting our relationship with large corporate customers and SME clients. This solution will augment the strength of the companies that are driving the country’s growth.”

“Our supply chain finance offering is the most mature and sophisticated it has ever been,” said Manish Maakan, CEO of iGTB. “Supply chain finance – when done properly – provides banks with an opportunity to become a valuable partner in their clients’ supply chains and ensures sustained growth and profitability of clients and their business partners.”