Intellect Design Arena announced that Swaziland Building Society (SBS) has successfully implemented its eMACH.ai Treasury suite. This milestone is critical for SBS’s transformation into SBS Bank Eswatini, a full-service commercial bank. The new system replaces manual, spreadsheet-based processes with sophisticated, automated workflows, enhancing operational efficiency and compliance for the bank.
Intellect’s eMACH.ai Treasury Powers SBS Transformation
Intellect Design Arena Ltd., a prominent player in enterprise-grade financial technology, today announced a significant achievement for Swaziland Building Society (SBS). SBS has successfully gone live with Intellect’s eMACH.ai Treasury suite. This implementation marks a pivotal phase in SBS’s strategic transition towards becoming a full-service commercial bank, officially known as SBS Bank Eswatini, following its provisional commercial banking license from the Central Bank of Eswatini (CBE).
Strategic Partnership and System Upgrade
Intellect has been a strategic technology partner with SBS since 2018, providing various technology solutions including Core Banking, Lending, and Treasury. The transition from a building society primarily focused on mortgage financing to a commercial bank necessitated a fundamental shift in Treasury operations. The eMACH.ai Treasury suite facilitates this move from traditional spreadsheet-based tracking to a sophisticated, multi-asset strategy.
Key Benefits of the New Treasury Solution
The implementation of Intellect’s eMACH.ai Treasury solution empowers SBS with several key capabilities:
- Automated Complex Workflows: Enables 100% automation across FX, Money Market (Call/Notice/Fixed), and Fixed Income Securities (FIS).
- Optimized Yields: A new “Call/Notice” module allows SBS to capture higher returns while maintaining intraday liquidity.
- Enhanced Technical Robustness: Features like the “Send-Back” workflow and dynamic interest splitting ensure 100% precision and auditability for mid-period rate and balance changes.
- Improved Operational Efficiency: Achieves a 90% reduction in manual intervention through automated SWIFT messaging (MT320, MT202, MT210).
The project was characterized by a high-velocity UAT cycle and was supported by an offshore model, with Intellect providing onsite hyper-care during the launch phase in Mbabane.
Executive Perspectives
Jerome Msibi, Chief Financial Officer at SBS, commented, “This treasury upgrade was critical for us to comply with regulatory requirements of our commercial banking license. We tested eMACH.ai Treasury’s new call functionality, specifically verifying call placement and borrowing where both rate and balance change multiple times. The accuracy of the calculations meets our high expectations for commercial banking standards.”
Rajesh Saxena, Chief Executive Officer of Intellect Consumer Banking, added, “We enabled a seamless transition of SBS Treasury from a building society to a commercial bank through incremental enhancements, while introducing region-specific capabilities like advanced Call Notice and expanding into FX, Money Markets, and Fixed Income.”
Source: BSE
