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Polaris launches payments hub

19 September 2013  |  4652 views  |  1 Source: Polaris

Polaris Financial Technology Limited's Global Transaction Banking division (iGTB), provider of the world's first complete Global Transaction Banking platform, today announced the launch of its Payments Hub solution at Sibos 2013 in Dubai.

The Payments Hub combines transaction processing on a channel agnostic platform with the flexibility to configure to meet changing customer needs, regulatory reforms and operational arrangements. It is capable of achieving Straight Through Processing (STP) rates of well over 90% across high volume and high care payments through data validation and enrichment driven by rules.

Operational risks can be reduced by around 20%-25% using a configurable Exceptions Management Framework which offers complete audit and control. The solution offers new revenue generation opportunities with value added services with options such as: providing the most economical mode of payment; facilitating rush payments; offering an e-credit facility and more. Real-time status reports are provided to help enhance service levels and increase fee and interest income.

Mr. Manish Maakan, CEO, iGTB, Polaris Financial Technology, said, "The advanced Payments Hub is a single source of truth for all payment transactions, because it enables users to manage the entire payment lifecycle from end to end. This changes the introduction of new channels and new processes from slow, hard or impossible to easy and fast. Deployment-ready adaptors for major ERP and EDI formats accelerate on-boarding and adoption by new corporate customers. The solution's simple GUI facilitates easy configuration of new formats, customer specific rules and business processes. In addition to this, local clearing formats like NACHA, FEDWIRE, SEPA, FPS, etc., are all supported, dramatically easing entry into new countries. This is why the Payments Hub was awarded 'Best-in-class in Payment Operations' by the Tower Group."

The highly scalable architectural design of the Payments Hubs enables high performance throughputs, coupled with an easily configurable business rule processor. The configuration of different payment systems into the Payments Hub results in significant hardware and maintenance cost savings. With a 360° view of corporate activities related to payments, the Payments Hub offers better risk management, supports centralized control of global payments operations and reduces manpower costs.

Comments: (1)

Enrico Camerinelli
Enrico Camerinelli - Aite Group - Boston 20 September, 2013, 11:14

The common theme of my conversations at Sibos was that in a period of recession and credit crunch the increasingly complex and costly support services within banks to serve their corporate clients are prime candidates for cost reduction and simplification. Since one of a corporation’s most critical processes is payments, banks are helping their corporate clients by focusing on streamlining payments processes.

The jury is still out to decide whether banks will still buld in-house or seek for external technology platforms.

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