Polaris Software Lab Limited (MUMBAI: POLS.BO), recognised leader in Speciality Application Services for the Banking, Financial Services and Insurance industry, today announced that a Global Top 10 Bank has chosen its Next-Generation, SOA based Intellect Cash and Liquidity Management Platform. The Bank, located in Southern Europe is considered a pioneer in deployment of innovative banking technology.
Polaris' Solution in the area of Cash Management** has found wide acceptability with global banks due to its rich functionality and modern SOA back plane technology. The solution enables banks to offer liquidity products, letting their customers have rule-based optimisation of their cash.
The engagement that commences this month, involves global rollout of Intellect Cash and Liquidity Platforms. The implementation will begin in the European locations and will then extend to North America and Latin America.
The key differentiator for Polaris' Intellect Platform is the Service Oriented Architecture (SOA) back plane technology. This permits easy implementation and plugging of essential business functionality into the Bank's existing technology environment in a non-disruptive manner.
Mr. Arun Jain, Chairman and CEO, Polaris Software Lab, said, âSOA is considered as the 5th big paradigm in the IT industry after Data Centers, PCs/Servers, Business Applications and Internet. Reports published by Gartner reveal that the market for Services Oriented Architecture was $450 Million in 2005 and is expected to reach $ 18.4 Billion by 2012. With a strong SOA back plane for deployment, Polaris is well positioned to ride the SOA wave.â
Mr. Arup Gupta, Chief Operating Officer, Polaris Software Lab, said, âIn the last 5 quarters, Intellect Cash & Liquidity Management Platform has been chosen by leading High street Banks in the UK. As I speak, two of the banks are completing their first anniversary of Intellect implementation. This is a significant engagement for Polaris in Southern Europe and will be a great reference in the Hispanic Market globally.â
Mr. Jaideep Billa, Chief Technology Officer Polaris Software Lab, said, âThis win reinforces large scale acceptability of Polaris' SOA back plane technology. The seven layered SOA back plane will enable us to deploy the unique Non-Disruptive Measured Steps (NDMS) methodology to help global banks modernize their Corporate Banking Platforms thereby giving the Bank unmatched benefits of Speed, Scale and Choice.â
**Cash Management -> The customers of the global mega banks have their cash fragmented into multiple accounts in different currencies and locations. Thus they are often faced with a situation where they end up paying interest on debit balances though they have surpluses in other accounts. On top of it, the surplus balances earn marginal or no interest due to market and regulatory conditions.