Ethiopian Central Bank chooses Polaris’ Intellect Quantum CBS specifically designed for Central banks
Polaris Financial Technology Ltd (POLS.BO), a leading global Financial Technology Company, today announced that National Bank of Ethiopia, an important Central Bank in the African continent, has chosen to implement Polaris’ next-generation IntellectTM Quantum Core Banking Solution (CBS) for Central Banks.
Polaris’ Quantum CBS will be National Bank of Ethiopia’s new core banking system, comprising Core Banking, General Ledger, Trade Finance, Treasury and Enterprise Reconciliation. The future-ready core banking system will support the Central Bank with a comprehensive range of banking operations and services to meet the requirements of commercial banks, governments and financial institutions.
Intellect Quantum CBS will replace the bank’s legacy system that had several insufficiencies thereby inhibiting modernization, innovation and effective on-time service delivery. It also faced limitations with regard to provision of timely and accurate management and regulatory reports. The Central Bank's vision was to implement an integrated and comprehensive solution that can manage money and securities in an integrated manner. Regular Commercial Bank CBS would be woefully inadequate in terms of supporting the Central Bank in enhancing the financial efficiency in the country.
Polaris’ Intellect Quantum CBS, specifically designed for Central Banks, will address the bank’s need for a solution that runs on modern technology with the aim of integrating money, securities, payments & settlement system and the enterprise GL to enhance the competitiveness of the bank, faster time to market the bank’s products as well as real time and accurate management and regulatory reporting. The comprehensive solution will transform the bank’s technology platform making it scalable, flexible, secure and customer centric. Intellect Quantum CBS' M180 technology eliminates the risk of technology obsolescence.
Yemane Yosief, Vice Governor, Corporate Service, National Bank of Ethiopia said, “After multiple assessment of different international core banking vendors, we found Polaris eminently suitable as Polaris was the only vendor that had a solution specifically designed to cater to Central Banks. Polaris’ accurate responsiveness to the bank’s user needs, ease of configurability and low TCO along with its built-in futuristic features made it the ideal solution for the bank. We are certain that the bank will benefit out of this new core banking system, to further improve the soundness of the financial system. We found the precedence set by Polaris in its CBS implementation for Central Banks in the Reserve Bank of India and Central Bank of Seychelles highly commendable.”
Commenting on the successful deal, K Srinivasan, EVP & Geography Head, Indian Subcontinent, Middle East, and Africa (IMEA), Polaris Financial Technology Ltd said, “We are delighted to be chosen as the solution provider for the National Bank of Ethiopia. With our primary focus on financial technology and innovation, Polaris will enable the bank to become one of the strongest and most reputable Central Banks in Africa. Targeted at Central Banks globally, Intellect Quantum CBS for Central Banks is a specialized offering and we are optimistic about its success in the African market. This win is indeed prestigious as it formalizes Polaris' foray into Ethiopia.”