Financial Technology

Financial Technology

February 20, 2013

Karur Vysya Bank Deploys Polaris Intellect GTB

Polaris Financial Technology, a company serving the financial services industry with its global transaction technology, has been helping its customers to transform their transaction banking landscape through its most comprehensive Intellect (News - Alert) Global Transaction Banking (GTB) platform. Latest to implement this platform is Karur Vysya Bank (KVB), one of the leading private banks in India.

The bank chose to implement the Polaris Intellect GTB solution to enable the launch of its green-field operations in transaction banking.

The Intellect GTB solution is the most comprehensive enterprise transaction banking architecture developed to deliver unprecedented productivity through every stage of operations. Whether looking to work with securities, cash management, liquidity management, trade finance or treasury, the Intellect GTB solution is quoted to be distinctly superior in design and functionality.

“Polaris is privileged to partner with Karur Vysya Bank, one of the trendsetters in today’s banking world, to offer them Intellect GTB solution,” Arun Jain, chairman and chief executive officer, Polaris Financial Technology, said in a statement.

Commenting on this technology partnership with KVB, Jain said that it has comes at an opportune time as, in the current global economic scenario, banks worldwide are focusing on transaction banking for more stable annuity revenue with lower risks.

“Transaction banking is an important new initiative from KVB flowing from our centenary vision. We are glad to have Polaris as our strategic technology partner in our growth plans,” Shri Venkataraman, managing director and chief executive officer, Karur Vysya Ban,k stated.

Venkararaman also mentioned that clear demonstration of domain knowledge and thought leadership in the transaction banking space, product readiness for the Indian market and clear difference in design and technology were key factors for choosing Polaris’ Intellect GTB solution.

The National Bank of Ethiopia, an important Central Bank in the African continent, also recently selected Polaris’ next-generation Intellect Quantum Core Banking Solution (CBS) for Central Banks. The agreement makes Polaris’ Quantum (News - Alert) CBS the National Bank of Ethiopia’s new banking system, comprising core banking, general ledger, trade finance, treasury and enterprise reconciliation. It replaced the bank’s legacy system that had several insufficiencies thereby inhibiting modernization, innovation and effective on-time service delivery.

Edited by Rachel Ramsey

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