Land Bank of the Philippines goes Live with Polaris' Intellect®

Manila, Philippines and Chennai, Tamil Nadu, India, Monday, April 08, 2013 --
(Business Wire India) 
Accelerated Implementation of complete Trade Finance application for the largest
bank in Philippines in just 6 months 
Polaris Financial Technology Ltd, a leader in products, solutions and services
that enable unprecedented operational productivity for the global Financial
Services industry, today announced that LANDBANK, the fourth largest bank in
Philippines and the largest government bank in the country, has gone live with
Polaris' Intellect® Trade Finance Solution to reduce operational cost and
improve productivity. Polaris' Intellect Trade Platform went live with all its
products viz. Documentary Credits, Guarantees, Bills, Collections, Trade Loans,
Open Account, Advance Payments and Direct Remittances.  
LANDBANK is by far the largest formal credit institution in rural Philippines,
ranking among the top five commercial banks in Philippines in terms of deposits,
assets, loans and capital. Its credit delivery system is able to penetrate a
substantial percentage of the country's total number of municipalities. The bank
also has the reputation of being one of the strictest with regard to guidelines
and evaluation standards followed. 
Polaris' Intellect Trade Finance Solution will be LANDBANK's new Trade Finance
platform. The web-based solution for Trade Finance Process, not only integrates
with multiple systems, but also offers a plethora of value added services such
as a fully integrated workflow and imaging solution for processing Trade Finance
transactions in real time and in compliance with Central Bank (BSP) regulations. 
The implementation of Polaris' multi country solution enhances the existing
processing and reporting practice at LANDBANK by offering highly automated
web-based trade finance services, complete life cycle processing for Letter of
Credits, bills, trade loans and guarantees processing, seamless interfacing with
partner systems, reduction in operational costs, higher trade revenues, high
productivity and better SLAs. 
Conrado B. Roxas, First Vice President for Banking Operations, LANDBANK said,
“With Polaris as our technology partner, we hope to strengthen our position in
the market and reduce our overall operational costs. Polaris' solution will
provide a potential of net savings due to reduction in system annual maintenance
fees and manpower costs. The reduced processing time will likewise allow us to
provide higher customer satisfaction and enhanced service.” 
Speaking on the occasion, Supriyo Sircar, Head – Asia Pacific Business,
Polaris Financial Technology Ltd. said, “We are delighted to complete the
implementation of our Intellect Solution at LANDBANK within a short period of
six months. Our single and comprehensive trade finance platform catering to
needs of more than 80 countries across the globe, processes a comprehensive
range of trade finance instruments. Intellect Trade Finance Platform with its
rich features offers the bank end to end trade management, enabling LANDBANK to
quickly roll-out a Global Trade Processing application.” 
About The Land Bank of the Philippines 
The Land Bank of the Philippines is a government financial institution that
strikes a balance in fulfilling its social mandate of promoting countryside
development while remaining financially viable. This dual function makes
LANDBANK unique. The profits derived from its commercial banking operations are
used to finance the Bank's developmental programs and initiatives. 
Over the years, LANDBANK has successfully managed this tough balancing act as
evidenced by the continued expansion of its loan portfolio in favor of its
priority sectors: the farmers and fisherfolk, small and medium enterprises and
microenterprises, livelihood loans and agribusiness, agri-infrastructure and
other agri- and environment-related projects, socialized housing, schools and
hospitals. 
LANDBANK also ranks among the top five commercial banks in the country in terms
of deposits, assets, loans and capital. From its initial role as the financing
arm of the agrarian reform, LANDBANK has evolved into a full-service commercial
bank. But the essence of its existence has not changed at all - and that is to
make the countryside continuously throb with life. For more information, please
visit https://www.landbank.com/index.asp 
About Polaris Financial Technology Ltd 
Polaris Financial Technology Ltd (formerly known as Polaris Software Lab Ltd)
(POLS.BO) is a leader in Products, Solutions and Services that enable
unprecedented operational productivity for the global Financial Services
industry with its comprehensive portfolio of products and services. Polaris has
a talent strength of over 13,000 solution architects, domain and technology
experts. The company owns the largest set of Intellectual Properties for a
comprehensive product suite, Intellect® Global Universal Banking (GUB) M180.
Intellect® is the first pure play Service Oriented Architecture (SOA) based
application suite for Retail, Corporate, Investment banking and Insurance.  
Headquartered in Chennai, Polaris has offices in all global financial hubs,
including Bangalore, Belfast, Chennai, Chicago, Dhaka, Dublin, Dubai, Frankfurt,
Hong Kong, Ho Chi Minh City, Hyderabad, Kuala Lumpur, Lisle, London, Madrid,
Manila, Melbourne, Mississauga, Mumbai, Nairobi , Neuchatel, New Delhi, New York
(New Jersey), New Zealand, Paris, Pittsburgh, Pune, Riyadh, Santiago, San
Francisco, Seoul, Shanghai, Singapore, St. Germain En Laye, Sydney, Thane,
Tokyo, Toronto, Victoria, Wellington (New Zealand) and Wicklow. For more
information, please visit http://www.polarisFT.com/ 
Media contact details 
Minal Sahani, Media,
Polaris Financial Technology Ltd,
+91 91766 26468,
minal.sahani@polarisFT.com 
G. Sunanthy Devi, Investor,
Polaris Financial Technology Ltd,
+91 8939933564,
sunanthy.g@polarisFT.com 
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-0- Apr/09/2013 06:27 GMT
 
 
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