Bank Sohar, Oman Signs Up Intellect Gub - Debt Management Solution From Polaris

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24th December 2009, 02:01am - Views: 792






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MEDIA RELEASE PR37696


Bank Sohar, Oman Signs up Intellect GUB - Debt Management Solution From Polaris Software


CHENNAI, Dec 23/ PRNewswire-AsiaNet/ --


    Polaris Software, a leading Financial Technology Company,

today announced that Bank Sohar, Oman has signed up Intellect GUB 10.0* Debt

Management solution, a comprehensive debt receivables management product from

the Intellect suite. The solution will enable Bank Sohar, Oman's fast growing

Bank, to control receivables and minimize delinquent accounts.


     Polaris' Intellect GUB Debt Management Solution, also known

as 'Intellect Collect' is a comprehensive debt collections system that

enables Banks to design strategies to collect outstandings from their

customers and effectively control the rising tide of delinquencies. The

product is parameterized and enables creation of focused campaigns that give

higher throughput in the collection process. The system has performance

monitoring statistics to aid in the analysis of applied strategies for

efficacy and re-calibration, as well as measuring collection agents'

performance.


    Intellect Collect is a single platform that facilitates

customer based collections across multiple products, and has been implemented

in four leading banks in the Middle East region. This win strengthens its

market presence. Polaris will follow Accelerated Implementation Methodology

(AIM) to enable the business 'go live' in 8 weeks.


    Commenting on the deal, Khalfan Rashid Amour Al Taley - DGM

Retail Banking, Bank Sohar said, "We are committed to create the finest

financial products to serve our customers through a one-stop financial super

mall. We were looking for a technology partner who could deliver us benefits

of the domain, the latest in technology and the experience of multiple

implementations in the markets we operate. We chose the route of leveraging a

fully built application that closely resembles our needs rather than the

traditional 'requirements gathering' approach. Polaris' Intellect Collect

solution met our requirements and its short implementation cycle and faster

ROI makes it a compelling choice."


    "With the implementation of this system, Bank Sohar customers

will get regular advance notifications on the payments they have to make.

This will help customers to plan their financials and avoid any penalties

associated with delayed payments," added Mr. Rashid.


    Speaking on the occasion, Bikash Mathur, CEO - EMEA, Polaris

Software Lab, said "We are excited that Bank Sohar, the fast growing bank in

Oman, has chosen Polaris' Intellect Collect. The system has seen a very high

level of acceptance in the Middle East market due to its strategic and ROI

value. With this win we further strengthen our presence in Oman and Middle

East market."


    * 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

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bank's technology platform and enables bank to rapidly launch new products

for its emerging lines of business.


    About Bank Sohar


    Bank Sohar was incorporated as a commercial banking company

under the Banking Laws of Oman in March 2007. From inception, the Bank has

relied on technology to power and leverage its business. At the close of two

years, Bank Sohar is the 4th largest Bank in Oman in terms of loans and

advances. The Bank has a customer base of over 50000, a network of 14

branches and 21 off site ATMS.


    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 more information, please


    

    For more information, please contact:


    Shailesh Dhawla

    Polaris Software Lab

    Tel: +91-99620-23124

    Email: shailesh.d@polaris.co.in



    SOURCE: Polaris Software





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