Axis bank using Polaris Software's Intellect Business Process Studio (BPS) has centralized its various banking processes such as trade finance, cards and cheque truncation.
Axis Bank sources stated it has done away with MICR cheque clearing after cheque truncation process, as it was a paper-based cheque clearing process. With this the cheque processing time has reduced and operational efficiency has increased. This has also enabled in improving risk management and control.
Charanjeev Singh, vice president Information Technology, Axis Bank informed, "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".
According to Axis Bank sources in the beginning the Intellect BPS platform has been set up for cheque truncation in NCR region. Using this platform bank is able to process one lakh cheques a day. Also, the bank has extended the pr-built solutions, which have been provided as part of the common Intellect BPS platform, to its trade finance and credit card processing services. The application has been modified according to Axis Bank’s requirements. With the set up of trade finance solution at bank branches it has become easy to capture information.
In the back office also the same solution has been set up, to process letters of credit and trade bills for India and foreign countries. Also in the back office the set up of credit card processing solution has changed the whole process to paperless through its document management and workflow capabilities. According to bank sources the platform has made possible to streamline its processes through centralized operations across its back offices in India.
Singh said, "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".