LANDBANK, the fourth largest bank in the Philippines and one of the largest government banks in the country, has gone live with Polaris’ Intellect (News - Alert) Trade Finance Solution to reduce operational costs and improve productivity.

Officials with Polaris Financial Technology said that the Web-based solution for trade finance processes, not only integrates with multiple systems, but also offers a plethora of value added services such as a fully integrated workflow and imaging solution for processing trade finance transactions in real time and in compliance with Central Bank (BSP) regulations.

“With Polaris as our technology partner, we hope to strengthen our position in the market and reduce our overall operational costs,” said Conrado B. Roxas, first vice president for banking operations, LANDBANK, in a statement.

Roxas said that Polaris’ solution will provide net savings due to reduction in system annual maintenance fees and manpower costs.

“The reduced processing time will likewise allow us to provide higher customer satisfaction and enhanced service”, he said. “We are delighted to complete the implementation of our Intellect Solution at LANDBANK within a short period of six months. Our single and comprehensive trade finance platform catering to needs of more than 80 countries across the globe, processes a comprehensive range of trade finance instruments,” said Supriyo Sircar, head Asia Pacific Business, Polaris Financial Technology Ltd.

Sircar said that Intellect Trade Finance Platform with its rich features offers the bank end to end trade management, enabling LANDBANK to quickly roll-out a global trade processing application.

Earlier in March, Polaris Financial Technology Ltd  announced that Citizens Development Business Finance PLC (CDB) went  live with Polaris’ state of the art Intellect Core Banking Solution (CBS).