Press release
Intellect to assume digital banking operations of Central 1, Canada
Intellect to assume digital banking operations of Central 1, Canada
Vancouver (BC), Toronto (ON), Chennai (India), January 24, 2025: Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) today announced the signing of an agreement in which Intellect will assume responsibility for Central 1's digital banking operations. This follows Central 1's decision to wind down its digital banking offerings in October 2024.
Under the agreement, Central 1's Forge, MemberDirect, public website, and mobile applications and products, along with digital banking engineering and service teams, will be transferred to Intellect. Central 1 will continue to provide the technology infrastructure and related services under the agreement.
To ensure continuity for clients, select Central 1's team members will join the Intellect team to operate Central 1's digital banking software and support clients as they transition to a new digital banking platform.
The transaction remains subject to closing, expected to occur in the coming weeks.
"We are confident that Intellect and the transferring Central 1 team members will provide a strong and stable path for our clients as they transition to new digital banking platforms. Our discussions and work with the Intellect team through this process have demonstrated their deep care for clients and commitment to serving our members and clients long into the future. We look forward to continued collaboration with the Intellect team in the months ahead," said Sheila Vokey, President & CEO, Central 1.
"Intellect has partnered with leading financial institutions in Canada and globally for more than three decades. This strategic agreement reinforces Intellect's commitment to Canadian credit unions and banks. We take the responsibility of ensuring a seamless and reliable wind down of Forge and MemberDirect with utmost seriousness and look forward to welcoming the talented team members from Central 1, who we know will bring invaluable expertise in serving Canadian credit unions and banks," said Rajesh Saxena, CEO of Intellect Global Consumer Banking. "Beyond this agreement, our eMACH.ai Digital Engagement platform, built on First Principles Thinking, provides further opportunities to collaborate with credit unions and banks, and reimagine digital banking experiences."
He added, "This agreement symbolises Intellect's vision to strengthen its presence further in Canada and North America. With our eMACH.ai Digital Engagement Platform, a composable and Open finance platform, we aim to empower them with unparalleled agility and innovation. We are excited to collaborate with credit unions to transform digital banking experiences and meet the evolving expectations of their members through innovation, growth, and meaningful engagement."
Intellect is a multi-product enterprise-grade fintech company with an extensive financial services footprint in Canada and globally. The company offers Canada-ready software products specifically to credit unions and banks. Intellect's digital banking offering includes all of the functionality provided by Forge for retail, SME, and commercial clients, as well as other features not currently provided by Central 1.
About Central 1: Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable the credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada. For more information, visit www.central1.com.
About Intellect Design Arena Ltd: Intellect Design Arena Ltd. is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect's revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With three decades of domain expertise, Intellect offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit https://www.intellectdesign.com
For Media related info, please contact:
Central 1
Amanda LeNeve
AVP, Communications & Marketing
Email: aleneve@central1.com
For Media related info, please contact:
Intellect Design Arena Ltd
Nachu Nagappan
AVP, Corporate Communications
Mob: +91 89396 19676
Email: nachu.nagappan@intellectdesign.com
For Investor related info, please contact:
Intellect Design Arena Limited
Praveen Malik
VP, Investor Relations
Mob: +91 89397 82837Email: Praveen.malik@intellectdesign.com
London
About Intellect Design Arena Ltd: Intellect Design Arena Ltd. is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect's revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With three decades of domain expertise, Intellect offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit https://www.intellectdesign.com
Vancouver (BC), Toronto (ON), Chennai (India), January 24, 2025: Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) today announced the signing of an agreement in which Intellect will assume responsibility for Central 1's digital banking operations. This follows Central 1's decision to wind down its digital banking offerings in October 2024.
Under the agreement, Central 1's Forge, MemberDirect, public website, and mobile applications and products, along with digital banking engineering and service teams, will be transferred to Intellect. Central 1 will continue to provide the technology infrastructure and related services under the agreement.
To ensure continuity for clients, select Central 1's team members will join the Intellect team to operate Central 1's digital banking software and support clients as they transition to a new digital banking platform.
The transaction remains subject to closing, expected to occur in the coming weeks.
"We are confident that Intellect and the transferring Central 1 team members will provide a strong and stable path for our clients as they transition to new digital banking platforms. Our discussions and work with the Intellect team through this process have demonstrated their deep care for clients and commitment to serving our members and clients long into the future. We look forward to continued collaboration with the Intellect team in the months ahead," said Sheila Vokey, President & CEO, Central 1.
"Intellect has partnered with leading financial institutions in Canada and globally for more than three decades. This strategic agreement reinforces Intellect's commitment to Canadian credit unions and banks. We take the responsibility of ensuring a seamless and reliable wind down of Forge and MemberDirect with utmost seriousness and look forward to welcoming the talented team members from Central 1, who we know will bring invaluable expertise in serving Canadian credit unions and banks," said Rajesh Saxena, CEO of Intellect Global Consumer Banking. "Beyond this agreement, our eMACH.ai Digital Engagement platform, built on First Principles Thinking, provides further opportunities to collaborate with credit unions and banks, and reimagine digital banking experiences."
He added, "This agreement symbolises Intellect's vision to strengthen its presence further in Canada and North America. With our eMACH.ai Digital Engagement Platform, a composable and Open finance platform, we aim to empower them with unparalleled agility and innovation. We are excited to collaborate with credit unions to transform digital banking experiences and meet the evolving expectations of their members through innovation, growth, and meaningful engagement."
Intellect is a multi-product enterprise-grade fintech company with an extensive financial services footprint in Canada and globally. The company offers Canada-ready software products specifically to credit unions and banks. Intellect's digital banking offering includes all of the functionality provided by Forge for retail, SME, and commercial clients, as well as other features not currently provided by Central 1.
About Central 1: Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable the credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada. For more information, visit www.central1.com.
About Intellect Design Arena Ltd: Intellect Design Arena Ltd. is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect's revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With three decades of domain expertise, Intellect offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit https://www.intellectdesign.com
For Media related info, please contact:
Central 1
Amanda LeNeve
AVP, Communications & Marketing
Email: aleneve@central1.com
For Media related info, please contact:
Intellect Design Arena Ltd
Nachu Nagappan
AVP, Corporate Communications
Mob: +91 89396 19676
Email: nachu.nagappan@intellectdesign.com
For Investor related info, please contact:
Intellect Design Arena Limited
Praveen Malik
VP, Investor Relations
Mob: +91 89397 82837Email: Praveen.malik@intellectdesign.com
London
About Intellect Design Arena Ltd: Intellect Design Arena Ltd. is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect's revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With three decades of domain expertise, Intellect offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit https://www.intellectdesign.com
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage
to this press release on woodPRI. woodPRI disclaims liability for any content contained in
this release.
Recommend
/newsMicroencapsulation Market Deep Analysis on Key Players - Dow Corning, Encapsys, Syngenta Crop Protection, Evonik Industries, 3M and Bayer
Market Study Report Adds Global Microencapsulation Market Size, Status and Forecast 2024 added to its database. The report provides key statistics on the current state of the industry and other analytical data to understand the market.
Extensive research is required for choosing the appropriate cor...
/newsGermany Airbag Market Size 2023: Global Share, Industry And Report Analysis By 2030 | Hyundai Mobis Co., Ltd. Key Safety Systems, Inc. Robert Bosch GmbH
Germany airbag market is expected to grow at a CAGR of around 6% during the forecast period. Germany Airbag Market research report refers to gathering and analyzing significant market data serve as best medium for various industry players to launch novel product or service. It is vital for key firms...
/newsSecurities Brokerages And Stock Exchanges Market Outlook 2021: Big Things are Happening
A new intelligence report released by HTF MI with title "Global Securities Brokerages And Stock Exchanges Market Survey & Outlook" is designed covering micro level of analysis by Insurers and key business segments, offerings and sales channels. The Global Securities Brokerages And Stock Exchange...
/newsRenewable Chemicals Market Emerging Trends and Competitive Landscape Forecast to 2028
The renewable chemicals market was valued at US$ 80,566.30 million in 2021 and is projected to reach US$ 1,76,750.76 million by 2028 it is expected to grow at a CAGR of 11.9% from 2021 to 2028. The research report focuses on the current market trends, opportunities, future potential of the market, a...
/newsHow Coronavirus is Impacting Cold Brew Coffee, Global Market Volume Analysis, Size, Share and Key Trends 2020-2026
"Market Latest Research Report 2020:
Los Angles United States, February 2020: The Cold Brew Coffee market has been garnering remarkable momentum in the recent years. The steadily escalating demand due to improving purchasing power is projected to bode well for the global market. QY Research's lates...
/newsCorporate E-Learning Market - Global Industry Size, Share, Key Players Analysis that are Infor, SkillSoft Corporation, Adrenna, CERTPOINT Systems and others with Regional Forecast to 2022
Overview:
E-Learning is used to enhance the learning procedures for newer job requirements and to make employees sound about the internal and external changes in the market and respective organizations. This method has created considerable differences in the ways of training and developing employee...
