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.”
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