Polaris receives recognition for payments solution

BANGALORE, INDIA: Polaris Financial Technology Limited announced that its Payments Hub from its iGTB division received a ‘Best in Class' recognition for Payments Operations in CEB Tower Group's annual Payment Hubs Technology Analysis report, 2013.

CEB TowerGroup, research director, Andy Schmidt said, "Banks are looking for payment hub solutions that are both flexible and capable of processing payments from any front-end channel all the way through to final clearing and settlement. Market-leading solutions enhance these capabilities by adding tools like dashboards and alerting capabilities to not only give users visibility into the bank's payment activity, but also generate alerts delivered across a variety of channels both inside and out of the bank."

As a real-time payments solution that minimizes operational risk and improves the Straight Through Processing rate to over 90 percent, Polaris' Payments Hub provides superior customer experience though a channel agnostic service layer with the flexibility to configure to meet changing customer needs, regulatory reforms and operational arrangements.

With a 360 degree view of corporate activities related to payments, it offers better risk management, supports centralized control of global payments operations and its robust exception handling process and AML and fraud management capability reduce Exception and Investigation and manpower costs.

Payments Hub orchestrates payment messages received from front-end channels through to final clearing and settlement. The solution has various built-in components like a messaging engine, STP accelerator, rules engine and workflow modeler that ensure seamless payment processing. It can act as both middleware to orchestrate payment workflows by sitting on top of a payment processor, as well as a single end-to-end platform for processing all payments types initiated from various channels.