Fintech company Intellect Design Arena on Monday said it has launched eMACH.ai. The platform will provide cloud services with embedded artificial intelligence, powered by Amazon Web Services (AWS), to financial institutions.
Arun Jain, Chairman and Managing Director, Intellect Design Arena, said, "With the launch of eMACH.ai, we have visualised the future of banking to be ecosystem led. To achieve this ecosystem end state, we have identified the 6 imperatives, ABCDEF of Banking Ecosystem Design -- Architecture simplicity, Base eMACH.ai (microservices, API, cloud and headless), Composable, Data, with Embedded AI and the Flexible & extensible - all of this centred firmly in the principles of Design Thinking."
With 285 pre-built microservices available on the cloud, and access to 1,214 application programming interfaces (APIs) and 200 events, eMACH.ai enables financial institutions (FIs) to design the future of banks and FIs, according to a company statement.
In the context of APIs, the word 'application' refers to any software with a distinct function. Interface can be thought of as a contract of service between two applications whereas an event, in a computing context, is an action or occurrence that can be identified by a programme and has significance for system hardware or software. Microservices are an architectural and organisational approach to software development where software is composed of small independent services that communicate over well-defined APIs.
Jain said eMACH.ai offers the most comprehensive set of microservices for the full spectrum needs of banks and financial institutions, and APIs, enabling businesses to transition seamlessly from the customer-centric digital transformation to the cloud-based marketplaces, keeping banks ahead of the curve.
eMACH.ai is a versatile platform that banks can use to harness the power of AI and optimise operations, according to a company statement. It said it works on five principles namely configurability, richness, scalability, ease of Integration and composability. The first principle meant it will take care of configurability of the lending solution or the core banking.
With its rich set of features and intuitive interface it provides businesses with the tools they need to harness the power of AI and optimise their operations.
According to scalability principle, it includes the capability to gauge AI operations to meet the requirements of the organisation, similar to the capability to gauge up or down to accommodate changes in data, computing, and storehouse conditions.
Accordingly, the platform can be quickly and easily implemented within existing systems and customised to fit individual needs. The last principle refers that it allows organisations to combine different AI technologies and factors to meet their specific requirements. (ANI)