Polaris bags CBS project for AP coop bank

CHENNAI: Financial technology company Polaris Software Lab today said its group firm Laser Soft has bagged a project from Andhra Pradesh State Cooperative Bank (APCOB) to implement Core Banking Solutions in all its 22 District Central Cooperative Banks spread across the state.

"The proposed implementation would be executed through a unique multi-entity CBS branded as Intellect Core Banking Solution, with centralised deployment at Hyderabad being used by 569 brancehs and 22 head offices of the District Central Cooperative Banks", the city-headquartered Polaris said in a statement here.

The cost effective model would facilitate easy transaction between customers of each of these banks across other DCCBs, it said.

"We are happy to participate in the transformation journey pioneered by APCOB. A combination of comprehensive and flexible business functionality with an advanced and scalable architecture, 'Intellect CBS' is the only pure Java technology based CBS being offered from the Indian subcontinent.", Polaris Software Lab Founder-Chairman Arun Jain said.

The new Core Banking Solution was expected to go live across all DCCBs under APCOB within this fiscal, he said.

Polaris Software currently has operations in Tokyo, Sydney, Hong Kong, Singapore, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto and in New York, the release added.