Polaris Financial Technology Ltd today announced that Karur Vysya Bank (KVB) has chosen to implement the Polaris Intellect Global Transaction Banking (GTB) solution to enable the launch of its green-field operations in Transaction Banking.

Polaris’ GTB solution covers Cash Management, Supply Chain Finance and a Banking portal. The Intellect GTB is made for design and functionality in the areas of banking securities, cash management, liquidity management, trade finance, and treasury.

Shri Venkataraman, MD and CEO, Karur Vysya Bank, said, “Transaction Banking is an important new initiative from KVB, flowing from our centenary vision. We are glad to have Polaris, a leader in global transaction banking, as our strategic technology partner in our growth plans. 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.”

Commenting on the win, Arun Jain, chairman and CEO, Polaris Financial Technology said, “Polaris is privileged to partner with Karur Vysya Bank, one of the trend-setters in today’s banking world, to offer them Intellect Global Transaction Banking (GTB) solution. This technology partnership with KVB 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. However, given the competition in this space and low margins, technology and innovation are driving banks’ revenue. KVB’s choice of the Polaris Intellect GTB solution is recognition of our ability to enable unprecedented operational productivity through complexity reduction. This engagement strengthens our presence in the GTB space.”

source: http://www.cio.in / Home> News / February 14th, 2013