In a recently published CEB TowerGroup research report, Polaris’ Intellect (News - Alert) Payments services solution has been named as “Best in Class” for Payables Functionality. The company’s Intellect Payment Services, which are a part of its Intellect Global Universal Banking suite, have been developed as a robust payments suite capable of meeting various challenges and demands within the area of payments.

In a statement, CEB TowerGroup, research director, Steven Murphy, said, “The Intellect Payment Services platform offers a wide range of functionality allowing users to pick and choose components to automate their payables workflow. We found Intellect Payment Services error identification workflow highly sophisticated and configurable. Financial institutions can easily configure file validations according to business need and regulatory requirements. Additionally, the process designer tool allows customized workflows for handling identified errors. Intellect Payment Services is built on modern n-tiered architecture and is accessible through web browser but accessibility through mobile devices is not yet supported.”

The Intellect Payment Services solution features anatomy tools which include remittance details, role-based security, cross border payments, audit tracking tools, fine line items and multichannel capability, which enable banks to provide top-notch services to their corporate clients.

Arun Jain, chairman & CEO, Polaris Financial Technology Limited, said, “As a leader in the financial technology space, Polaris is proud to be ranked ‘Best in Class’ for its Intellect Payments among nine other global leading Payables Automation Systems. Polaris’ solution incorporates all attributes that are required by a bank to cater to its corporate clients. Our high scores in the report substantiate our efforts to continue to differentiate our offerings in core systems from our peers, through our efficient and scalable Intellect solutions that have a proven track record of superior progressive technology.”

The CEB report named Polaris’ Intellect Payment Service as “Best in Class” based on specific features, including a format designer and translator, which enables remittance to be inputted in different formats and allows reconfiguration as per the receiver’s preference and allows foreign exchange conversions as per daily rates or customer specific FX exchange rates.

Furthermore, the Intellect Payment Services platform provides extensive functionality, which means users have the option of selecting specific attributes that support automation of their payables workflow.