Axis Bank has centralised its banking processes in trade finance, cards and cheque truncation using Polaris Software's Intellect Business Process Studio (BPS).
Axis Bank said the Check Truncation solution has enabled it to eliminate MICR cheque clearing, which is a paper-based cheque clearing process. This has resulted in higher operational efficiencies due to a reduction in the cheque processing time. It has also resulted in improved risk management and control.
"We carried out a detailed vendor selection process evaluating more than a few vendors and found Polaris cheque truncation solution unique and customized to Indian banking. It has rich functionality and ease of use," said Charanjeev Singh, vice president Information Technology, Axis Bank.
According to reports, Axis Bank has deployed the Intellect BPS platform initially for Check Truncation in the NCR region. It has enabled the bank to process one lakh checks a day. The pre-built solutions, which are available as part of the common Intellect BPS platform was also extended to Trade Finance and Credit Cards processing. The application was then tuned to Axis Bank's needs. The Trade Finance Solution, deployed in bank branches, facilitates information capture.
The same solution has been deployed in the back office, which processes letters of credit and trade bills for India and foreign countries. Credit Card Processing Solution deployed in the back office has helped create a paperless back office through its document management and workflow capabilities. According to the bank, it has been able to streamline its processes through centralised operations across its back offices in India.
"Polaris' Intellect BPS gave us a better perspective of business and technology in terms of the reusable framework. We recognize Polaris' domain expertise and their ability to add value to us at strategic level," added Singh.
