Intellect Global Consumer Banking, the consumer banking arm of software giant Intellect Design Arena, has launched eMACH.ai, an open finance-based core banking platform hosted on the Amazon Web Services (AWS) cloud.

The company claims the offering is the largest of its kind in the world and comes with a pre-integrated marketplace for UK and Europe. With the new core banking platform, financial institutions can create their own custom products using AI. The offering provides more than 285 “ready to use microservices” on the cloud and connects with 1,214 APIs. Intellect says eMACH.ai allows banks to onboard a customer “in three minutes”, integrate with fintechs to offer deposits through aggregators and offer credit services such as buy now, pay later (BNPL), among other functionalities. The platform is also fully compliant with UK, EU and Nordic regulations, including regulations for data privacy, anti-money laundering (AML), consumer protection and messaging standards. Additionally, it supports various payment rails and allows users to choose their preferred payment method. Rajesh Saxena, CEO of Intellect Global Consumer Banking, says the new platform “democratises the financial services space by creating a level playing field for all types of banks in the UK and Europe”. “The platform enables banks to connect with partners and drive value creation for their discerning customers, giving them equal access to opportunities to launch products fast, leverage the pre-integrated partner ecosystem, scale on the cloud and design and deliver contextual experiences to their customers,” he adds.

“We’re going to be very careful, and if we see anything that gives us concern, we will postpone the launch,”