Polaris Financial Technology, a global Financial
Technology company, announced that National Bank for Agricultural and Rural
Development (NABARD) has chosen Polaris’ integrated Intellect Lending Solution.
The solution chosen by NABARD comprises Loan Management
and Accounting modules. The modules will be the bank’s new Centralized Loan
Management and Accounting System (CLMAS).
NABARD has agreed to implement CLMAS solution at all its
offices encompassing all Lending and Accounting Operations to align with its
current and future IT requirements.
The company has the right blend of cultural alignment
and capabilities to meet the future IT requirements of NABARD. Polaris’ Global
Universal Banking Platform, multi-entity & multilingual system and domain
expertise made Polaris the right partner for NABARD in this venture,” said KS
Padmanabhan, CGM, Accounts Department, NABARD.
Polaris will now offer its Intellect Loan Origination,
Intellect Loan Management, Intellect GL (Accounting, Budgeting, MIS), Training,
Handholding and Helpdesk services to centralise decision making and attain
access to centralised accounting across the bank’s head office and regional
Our product and solution approach will mitigate all
foreseen challenges, reducing complexities, thus providing a future proof,
highly scalable, secure and maintainable implementation for NABARD,” said Arun
Jain, chairman & CEO, Polaris Financial Technology.
Through its solution Polaris will reduce complexities for
NABARD, offering various applications that can be easily integrated with any
future applications the bank might implement.
The solution can run as per accounting standards stipulated
by NABARD, in addition to being fully compliant with the IFRS guidelines.
Polaris’ Loan Management system takes care of the complete lifecycle of all
types of loans and advances from origination to sanction, disbursement,
repayment and account closure.
Recently, Polaris announced that it has deployed new switching infrastructure from
Brocade within its campus and data center network.
The solution will support increased developer
productivity with improved performance, greater security while delivering a 30
percent lower total cost-of-ownership.
By Telecomlead.com Team