Intellect Design Arena Ltd., a fintech company serving banks and insurance companies, has launched two AI-powered platforms, iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange), powered by eMACH.ai, the largest open finance platform.
The company said it will sell these products globally through its new business unit, Intellect Digital Technology for Commerce (iDTC).
“iCPX and iAPX will leverage the breakthrough technology comprised by eMACH.ai to lead the way in transforming procurement efficiency and financial processes for businesses,” said Devjan Kumar, CEO, iDTC.
“Our firm commitment is to seamlessly integrate cutting-edge AI technologies to enable enterprises worldwide to achieve unparalleled levels of productivity, cost efficiency and strategic agility. Intellect is targeting $30-35 million in business across iAPX and iCPX by 2027,” he added.
iCPX is a new open API-based platform designed to improve enterprise procurement. It aims to address common issues such as cost overruns, inefficiencies, and compliance issues. These issues stem from the need for smarter decision-making, manual content creation, and lack of timely insights. iCPX uses AI to increase efficiency, reduce costs, and make enterprises more agile.
It supports a variety of procurement methodologies and includes over 100 procurement modes. With pre-built tools such as 111 APIs and 17 microservices, iCPX enables clients to rapidly create custom procurement solutions. The platform is also backed by Intellect's six years of experience managing large-scale procurement marketplaces.
Accounts Payable (AP) processing is essential for managing finances and maintaining good relationships with suppliers. Key challenges for AP include processing large volumes of invoices in various formats and ensuring timely payments while complying with regulations.
The company also said it is targeting revenue of $30-35 million (about Rs 2,930 crore) over the next three years.
