Intellect Design launches AI-driven platforms iCPX and iAPX: All you need to know

Intellect Design Arena Ltd., a FinTech company for banks and insurance companies, has launched two AI-powered platforms: iCPX (Corporate Procurement eXchange) and iAPX (Accounts Payable eXchange). These platforms use eMACH.ai, the largest open finance platform.

The company stated it will promote these products worldwide through its new business unit, Intellect Digital Technology for Commerce (iDTC).

Debanjan Kumar, CEO of iDTC said, “iCPX and iAPX will spearhead a transformative shift in corporate procurement efficiency and financial processes with our groundbreaking technologies composed of eMACH.ai.” 

“Our steadfast commitment lies in seamlessly integrating cutting-edge AI technologies and empowering businesses globally to achieve unparalleled levels of productivity, cost-effectiveness, and strategic agility. Intellect targets $30-35 million business with iAPX and iCPX by 2027,” he added.

iCPX is a new, open API-based platform designed to improve corporate procurement. It aims to tackle common problems like cost overruns, inefficiencies, and compliance issues. These issues arise from the need for smarter decision-making, manual content creation, and a lack of timely insights. iCPX uses AI to enhance efficiency, reduce costs, and increase agility for businesses.

It supports various procurement methods and includes over 100 procurement modes. With pre-built tools like 111 APIs and 17 microservices, iCPX allows clients to quickly create their custom procurement solutions. This platform is also backed by Intellect’s six years of experience managing a large procurement marketplace.

Accounts Payable (AP) processing is crucial for managing finances and maintaining good relationships with suppliers. Key challenges in AP include handling large volumes of invoices in different formats and ensuring timely payments while staying compliant with regulations.

The company also said that it targets a revenue of $30-35 million (about Rs 293 crore) in the next three years.