MEDIA RELEASE PR36764
Axis Bank, India eliminates MICR clearing with Intellect GUB Check Truncation System
from Polaris Software
CHENNAI, Oct 26 /PRNewswire-AsiaNet/ --
- ...achieves centralization using prebuilt solutions for trade, cards and check
truncation
Polaris Software, a leading Financial Technology company, announced that Axis Bank
has centralized its banking processes in Trade Finance, Cards and Check truncation using
Intellect Business Process Studio (BPS)*. The Check Truncation solution has enabled Axis
Bank to eliminate MICR check clearing, a paper based check clearing process. This
solution has resulted in high operational efficiency due to significantly reduced check
processing time, better risk management & control and high service levels for customers.
Axis Bank deployed Intellect BPS platform initially for Check Truncation in the NCR
region. The solution gave the capability to process one lakh checks a day. Later, the
prebuilt solutions available as part of the common Intellect BPS platform was extended
to Trade Finance and Credit Cards processing. Over a period, the application was tuned
to Axis Bank's needs. The Trade Finance Solution deployed in bank branches facilitates
information capture. The same solution deployed in the back office processes letters of
credit and trade bills for India and foreign countries. Credit Card Processing Solution
deployed in the back office has created a paperless back office through its document
management and workflow capabilities. With this, Axis Bank back offices in India have
successfully streamlined their processes and achieved centralized operations.
Mr. Charanjeev Singh, Vice President - Information Technology, Axis Bank, said, "We
carried out a detailed vendor selection process evaluating more than a few vendors and
found Polaris check truncation solution unique and customized to Indian banking. It has
rich functionality and ease of use".
"When our bankers saw the high ROI of Intellect BPS platform, they decided to
extend it to trade finance and cards processes. Polaris' Intellect BPS gave us a better
perspective of business and technology in terms of the reusable framework. We recognize
Polaris' domain expertise and their ability to add value to us at strategic level",
added Mr. Singh.
Commenting on this successful implementation, Govind Singhal, COO Global Delivery
and Operations, Polaris Software Lab, said, "We are excited that Axis Bank is realizing
high ROI using Intellect BPS. Intellect BPS helps reducing cost of branch operations by
increased process standardization and faster turnaround of customer products and
services and drastically reduced change management cycle time. The platform is unique in
the market place with prebuilt solutions in multiple lines of banking business that
enables rapid customized solution delivery with no software change".
*Intellect BPS is the business process automation layer that powers Intellect Global
Universal Banking 10.0**, the most comprehensive banking platform built using the next-
generation Service Oriented Architecture (SOA) technology. Intellect BPS offers prebuilt
Business-Ready solutions to deliver straight through processing of transactions and high
throughput. The business processes that are available as part of BPS are account opening
and account services, payments, check processing, trade services, credit cards services
and deposits.
**Intellect Global Universal Banking (GUB) 10.0 is a unique banking platform that
can co-exist with legacy systems as well as support the road-map for future
modernization. Intellect GUB spans business processes across Retail, Private and
Corporate Banking, Capital Markets and Asset Management. For the first time, such a
comprehensive solution has been built using SOA technology. The solution harnesses the
power of SOA to modernize bank's technology platform and enables bank to rapidly launch
new products for its emerging lines of business.
About Axis Bank
Axis Bank was the first of the new private banks to have begun operations in 1994,
after the Government of India allowed new private banks to be established. The Bank was
promoted jointly by the Administrator of the specified undertaking of the Unit Trust of
India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance
Corporation of India (GIC) and other four PSU insurance companies, i.e. National
Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance
Company Ltd. and United India Insurance Company Ltd.
The Bank today is capitalized to the extent of Rs. 401.95 crores with the public
holding (other than promoters) at 53.23%.
The Bank's Registered Office is at Ahmedabad and its Central Office is located at
Mumbai. The Bank has a very wide network of more than 905 branches and Extension
Counters (as on 30th September 2009). The Bank has a network of over 3894 ATMs (as on
30th September 2009) providing 24 hrs a day banking convenience to its customers. This
is one of the largest ATM networks in the country.
The Bank has strengths in both retail and corporate banking and is committed to
adopting the best industry practices internationally in order to achieve excellence.
About Polaris Software Lab
Polaris Software Lab (POLS.BO) is a leading Financial Technology company, with its
comprehensive portfolio of products, services and consulting. Polaris has a talent
strength of over 9,000 solution architects, domain and technology experts. The company
owns the largest set of Intellectual Properties in the form of a comprehensive product
suite, Intellect Global Universal
Banking (GUB) 10.0. IntellectTM is the first pure play SOA based application suite for
Retail, Corporate, Investment banking and Insurance.
Polaris is headquartered in Chennai and has offices in all global financial hubs
including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London,
Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile.
For further information, please contact:
Shailesh Dhawla
Marketing & Communication
shailesh.d@polaris.co.in
91-99620 23124
Source : Polaris Software Lab Ltd.
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