Polaris to offer Intellect Core Banking to RBI

CHENNAI, INDIA: Polaris Software, a Financial Technology company, on Friday announced that it would implement its Intellect Core Banking System (CBS) across Reserve Bank of India (RBI).

The end-to-end implementation includes System Integration and maintenance of software for a period of ten years, said a press release. The deal is valued at $55 million, the release added.

RBI, India's Central Banking Institution, wanted to implement a centralized CBS 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.

Also read: Polaris to implement RBI's core banking 



Intellect CBS would help the RBI to have a cross functional automation and integration of the banking operations in all regional offices of the bank with departments like Deposit Accounts, Public Accounts Department and Pubic Debt Office.

It would bring technologies like Run Time Reuse, Look Ahead Processing, Back Ground Processing and Transaction Splitting to ensure high scalability and performance in both OLTP operations and batch operations like EOD, claimed the company.

The solution would provide future regulatory and functional requirements of RBI with shortest go to market timelines. It would also offer security features by design 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 one time password provisions.

Arun Jain, chairman and CEO, Polaris, said, “I am delighted that after stringent evaluation of the Next Generation architecture of Intellect, RBI chose Polaris. This $55 million deal is the single largest Intellect win for Polaris.”