India’s Karur Vysya Bank (KVB) is entering the transaction banking business and has chosen to implement the Polaris Intellect Global Transaction Banking (GTB) solution for the launch.
Polaris’ GTB solution will provide technological support and processing capabilities covering cash management and trade finance client activities at KVB, via an online banking portal. The white-labelled Intellect GTB platform will also be used to process securities and payment/treasury transactions.
“Transaction banking is an important new initiative from KVB, flowing from our centenary vision,” said Shri Venkataraman, managing director and chief executive officer (CEO) of KVB. “We are glad to have Polaris as our strategic technology partner in our growth plans.”
“Polaris is privileged to partner with KVB, one of the trend-setters in today’s banking world,” said Arun Jain, chairman and CEO of Polaris Financial Technology. “This technology partnership with KVB comes at an opportune time as, in the current global economic scenario, banks worldwide are focusing on transaction banking for more stable annuity revenue with lower risks.
“However, given the competition in this space and low margins, technology and innovation are [key to] driving banks’ revenue … this engagement strengthens our presence in the GTB space.”
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.
The fact that the world’s biggest technology firms are branching out into the physical world is a huge opportunity for traditional business models, said inspirational speaker Laurent Haug told treasurers at the BNP Paribas Cash Management University.
It’s no secret that technology is rapidly changing the face of treasury. Joseph Reger, fellow and chief technical officer in EMEIA at Fujitsu, believes that 2018 will be a coming of age for both artificial intelligence and the Internet of Things (IoT).
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.