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

By Polaris Software Lab, PRNE
Thursday, May 26, 2011

CHENNAI, India, May 27, 2011 -

- 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
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: dwaipayan.d@polaris.co.in


will not be displayed