MEDIA RELEASE PR38211
CRDB Bank, Tanzania Centralizes Country-Wide Operations Using Intellect
DAR ES SALAAM, and CHENNAI, Feb.4 / PRNewswire - AsiaNet / --
- ... And Implements Prebuilt Solutions for Account Opening & Deposits,
Payments, Check Processing and Treasury Services
Polaris Software, a leading Financial Technology company, announced that
CRDB, the second largest bank in Tanzania, has centralized its banking
processes using prebuilt solutions available in Intellect Business Process
Studio* (BPS). CRDB Bank centralized country-wide business operations in
Dar-es-Salaam with the twin-objective of enhancing branch services and
reducing operational costs. Intellect Business Process Studio (BPS) was
chosen to enable this transformation.
Intellect BPS enabled the centralization of account opening
and services, check processing, automated RTGS (TISS) and cross-border fund
transfers. With the processes automated at the back-office, the front office
staff can focus on building a rich branch banking experience. The system was
implemented in 16 weeks using Polaris' Accelerated Implementation
methodology.
Post implementation, the bank has achieved remarkable
reduction in transaction cycle times with straight though processing (STP) of
complex transactions and easy configurable interfacing of up-stream and
downstream systems. Intellect BPS will be used to automate all business
processes that need to be centralized across the bank.
Dr Charles Kimei, Managing Director, CRDB Bank, said "CRDB
being the 2nd most valued Bank in Tanzania, our vision is to accelerate our
leadership journey by acquiring revolutionary solutions that can
significantly reduce transaction cycle time and provide nimbleness to the
business user during any change management. We decided to invest in Intellect
BPS, a next-generation Business Process automation solution, to take us
closer to our vision. Intellect BPS solution offers the advantage of agile
development because of its prebuilt point solutions. We have chosen it after
a rigorous assessment of its capabilities. The investment is part of CRDB's
commitment to make the bank more customer and process centric."
Intellect Business Process Studio (BPS) is the business
process automation layer that powers Global Universal Banking (GUB) -
Intellect 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 BPS comes with a revolutionary agile application
development framework bundled with a workflow and imaging engine that enables
rapid customized solution delivery with 'no software change'. A business user
can create or customize applications at her end, merely by making changes in
the configuration, rather than the traditional approach of changing the
software application or the product. The business benefit is drastically
reduced change management cycle time.
Commenting on the win, Bikash Mathur, CEO, Polaris EMEA, said
"Intellect BPS is an empowering tool in bank's strategy to centralize and
leverage the branch operations. Intellect BPS will help reduce the cost of
branch operations, increase process standardization, faster turnaround time
for customer services and quick time to market of products for customers. We
are pleased to participate in the transformational journey of CRDB Bank."
The Polaris' Intellect Business Process Studio offers an open
architecture and is compatible with any contemporary or legacy, backend and
third party host system.
About CRDB
CRDB Bank Plc is a leading, wholly-owned private commercial
bank in Tanzania. The Bank, was restructured in 1996, and since then it has
grown and prospered over the years to become the most innovative, first
choice, and trusted bank in the country. The Bank reached an important
milestone recently by listing on the Dar es Salaam Stock Exchange on 17th of
June, 2009.
The Bank offers a comprehensive range of Corporate, Retail,
Business, Treasury, Premier, and wholesale microfinance services through a
network of 52 branches, 114 ATMs, 17 Depository ATMs, 5 Mobile branches, POS
terminals, Microfinance partners, as well as internet banking and Mobile
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
For further information, please contact:
CRDB Bank PLC
Head Office: Azikiwe Street
P.O. Box 268 Dar es Salaam, Tanzania
Tel: +255-22-2117442-7 Fax: 255-22-2116714
Email: customer-hotline@crdbbank.com
SOURCE: Polaris Software Lab Ltd
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