Intellect Design launches AI-driven platforms iCPX and iAPX

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).

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.