Polaris to Implement Intellect Core Banking System in Reserve Bank of India

CHENNAI, India, May 27, 2011 /PRNewswire-FirstCall/ --

- Superior Functional Coverage and Future Ready Architecture with the Capability of Handling 100 Million Transactions Per Day

Polaris Software (POLS.BO), a leading global Financial Technology Company, today announced that Reserve Bank of India (RBI) has chosen Polaris to implement its Intellect(TM) Core Banking System (CBS) across the Bank. The USD 55 million end-to-end implementation deal includes System Integration and maintenance of software for a period of ten years.

RBI, India's Central Banking Institution, wanted to implement a centralized Core banking Solution at all its offices encompassing all banking and accounting operations to align with its current and future IT requirements, including one Generalized Ledger for the bank.

Intellect CBS for Central Banks would help RBI to have a cross functional and seamless automation and integration of the banking operations in all regional offices of the Bank to ensure extremely high scalability and highest levels of performance in both OLTP operations and batch operations like EOD.

Integration across multiple and disparate systems is a common scenario in large Central banks like RBI, and to address this Intellect CBS provides a very efficient integration middleware to provide seamless integration and interface with large number of systems running on a wide range of hardware, operating systems and technologies.

On the security side, Intellect CBS will seamlessly integrate into the IT environment of RBI meeting all its process flow and work flow requirements. The solution will provide future regulatory and functional requirements of RBI with shortest go to market timelines. It provides unique and state of art security features such as internal account numbers, tamper proof database, PKI supported transaction execution and storage, security in account operations including positive pay features, document certification and verification, two factor authentication and OTP provisions.

Commenting on the successful deal, Arun Jain, Chairman & CEO, Polaris Software, said, "I am delighted that after stringent evaluation of the Next Generation architecture of Intellect, RBI chose Polaris. This USD 55 million deal is the single largest Intellect win for Polaris. The trust that the RBI has shown in us reaffirms our investments in building highly scalable and open SOA technology. I dedicate this deal to the Polaris Product Engineering group and their commitment towards building such a high performance system."

    For more info, contact:
    Dwaipayan Deb
    Polaris Software
    Tel: +91-9962536442
    Email: [email protected]

SOURCE Polaris Software Lab