Axis Bank, India has centralised its banking processes in trade finance, cards and cheque truncation using Intellect Business Process Studio (BPS) from Polaris Software. The cheque truncation solution has enabled Axis Bank to eliminate MICR cheque clearing, a paper-based cheque clearing process. This solution has resulted in high operational efficiency due to significantly reduced cheque processing time, better risk management and control, and high service levels for customers.
Axis Bank deployed Intellect BPS platform initially for cheque truncation in the National Capital Region (NCR) of India. The solution gave the capability to process 100,000 cheques a day. Later, the pre-built solutions available as part of the common Intellect BPS platform was extended to trade finance and credit cards processing.
Over a period, the application was tuned to Axis Bank’s needs. The trade finance solution deployed in bank branches facilitates information capture. The same solution deployed in the back office processes letters of credit (LCs) and trade bills for India and foreign countries. The credit card processing solution deployed in the back office has created a paperless environment through its document management and workflow capabilities. With this, Axis Bank back offices in India have successfully streamlined their processes and achieved centralised operations.
Charanjeev Singh, vice president – information technology, Axis Bank, said: “We carried out a detailed vendor selection process evaluating more than a few vendors and found Polaris cheque truncation solution unique and customised to Indian banking. It has rich functionality and ease of use. When our bankers saw the high ROI of Intellect BPS platform, they decided to extend it to trade finance and cards processes. Polaris’ Intellect BPS gave us a better perspective of business and technology in terms of the reusable framework. We recognise Polaris’ domain expertise and their ability to add value to us at strategic level.”
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