Global Top 10 Bank buys Polaris Software's Intellect Platform

Polaris Software Lab Ltd on January 04, 2007 has 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.

The Company 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 the Company 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, of the Company, said, "SOA 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."

** 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 oilier accounts. On top of it, the surplus balances earn marginal or no interest due to market and regulatory conditions.

Source : Equity Bulls

Keywords