Axis Bank, India eliminates MICR clearing with Intellect GUB Check Truncation System from Polaris Software
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 unmatched 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”.