Karur Vysya Bank (KVB), one of the leading private banks in India, is entering the transaction banking business and has chosen to implement the Polaris Intellect Global Transaction Banking (GTB) solution to help its launch.
Polaris' GTB solution will provide technological support and processing capabilities covering cash management and trade finance client activities at KVB, via an online banking portal. The white labelled Intellect GTB platform will also be used to process securities and payment / treasury transactions.
According to Shri Venkataraman, managing director and chief executive officer (CEO) of Karur Vysya Bank: "Transaction banking is an important new initiative from KVB, flowing from our centenary vision. We are glad to have Polaris as our strategic technology partner in our growth plans." He added that clear demonstration of domain knowledge and thought leadership in the transaction banking space, allied to product readiness for the Indian market were the key factors in choosing Polaris' Intellect GTB solution.
"Polaris is privileged to partner with Karur Vysya Bank, one of the trend-setters in today's banking world," said Arun Jain, chairman and CEO of Polaris Financial Technology. "This technology partnership with KVB comes at an opportune time as, in the current global economic scenario, banks worldwide are focusing on transaction banking for more stable annuity revenue with lower risks. However, given the competition in this space and low margins, technology and innovation are [key to] driving banks' revenue … this engagement strengthens our presence in the GTB space."