Philippines’ MaxBank Implements Polaris System in Four Weeks

Polaris Financial Technology has implemented its Intellect core banking solution (CBS) at Microfinance Maximum Savings Bank (MaxBank), a Philippines-based microfinance thrift bank.

The group said that Intellect’s accelerated implementation methodology (AIM) had enabled it to implement the fastest core banking implementation at a thrift bank in just four weeks, replacing MaxBank’s legacy system. As part of the implementation, Polaris offered the bank features such as access control and hierarchy to help MaxBank define accurate access rights for users.

Intellect CBS’ outward clearing feature will help the bank systemise the process of cheque clearance and posting, providing clients with the advantage of not having to post the cheque individually to their respective accounts. It forms part of a central system that will manage the bank’s multiple product portfolio comprising general ledger, current account, savings accounts, loans and advances and deposits, alongside a financial reporting package (FRP).

Polaris added that the implementation will enable the bank to disburse loans at the branch level, bring it close to its customers and move from an account-based approach to a customer-based approach.

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