Central Bank of Seychelles Goes Live with Polaris' IntellectTM Core Banking System for Central Banks

    PITTSBURGH, PA, December 05, 2010 /24-7PressRelease/ -- Polaris Software, a leading Financial Technology company, today announced that Central Bank of Seychelles, the central authority responsible for all monetary issues in the country, has gone live with Polaris' IntellectTM Core Banking System (CBS) for Central Banks.

Powered by our innovative Xtreme Account Posting Gateway (XAP) Technology, the solution has been designed to enable the Central Bank to exercise Transaction Per Day Per Account (TPDPA) linked processing for associated commercial, private and co-operative banks across Seychelles. To overcome the bottlenecks created by millions of transaction requests that comes to the Central Bank every second from banks across the country, the new system implements XAP technology to create self managed virtual multiple gateways, which enables concurrent, multiple postings on a single account. The number of gates increments according to the number of requests, ensuring real-time output.

IntellectTM CBS for Central Banks will replace Central Bank of Seychelles' legacy system that was unable to handle growing volumes, affecting operational efficiency. The new platform contains modules designed to handle transactions unique to a Central Bank:
- Fresh Currency Notes Issuance
- Fresh Currency Notes Management
- Currency Notes Circulation/Currency Notes Destruction
- Debt Management, on an auction module

It will also enable Liquidity Management Services for associated banks and the Seychelles Govt. on an intraday as well as long term basis. In accordance with international best practices and regulatory guidelines, the new solution will generate a special Enterprise General Ledger (EGL) for the bank which will be International Financial Reporting Standards (IFRS) compliant.

Speaking on the occasion Mr. Pierre Laporte, Governor and Chairman, Central Bank of Seychelles said, "Central Bank of Seychelles strives to contribute towards the sustainable economic growth of Seychelles through prudent monetary policies and maintenance of a sound financial system. On our 32nd Anniversary, it is rather fitting to announce the implementation of Polaris' IntellectTM Core Banking System (CBS) for Central Banks. This will usher a new chapter in the transformation journey of our banking, monetary and financial system in the country. Polaris' distinctive edge in the financial technology domain and long standing performance benchmarks lead to its selection vis-a-vis other competitors."

Commenting on the successful implementation Mr. Suresh Kamath, Partner, Polaris Software said, "Working with the Central Bank of any country is a great opportunity in itself, and to finish such a project ahead of time is indeed exciting. The new platform will minimize reconciliation issues for the central bank, enable real-time Liquidity Management and ensure a strong Payment Infrastructure which will facilitate associated banks to seamlessly transact internally. IntellectTM Core Banking System (CBS) for Central Banks is a specialized offering targeted at central banks globally and we are very optimistic about its success in the African market."

About Central Bank of Seychelles

Since its creation in 1978, the Seychelles Monetary Authority and, as of 1983 its successor the Central Bank of Seychelles (CBS), have undergone various stages of adaptation with the aim of turning it into a modern and efficient institution, equipped to discharge its responsibilities with professionalism and efficiency. The Central Bank of Seychelles Act, 2004 provides for the Bank to operate as an autonomous institution, reinforcing its status as the authority responsible for all monetary issues in the country and caters for the further development of the financial sector within the new economic environment. For more information, please visit http://www.cbs.sc/index.html

About Polaris Software

Polaris Software Lab (POLS.BO) is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. Polaris has a talent strength of over 10,000 solution architects, domain and technology experts. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, IntellectTM Global Universal Banking (GUB). IntellectTM is the first pure play SOA based application suite for Retail, Corporate, Investment banking and Insurance.

Polaris is headquartered in Chennai and has offices in all global financial hubs including Tokyo, Sydney, Hong Kong, Singapore, India, Dubai, Bahrain, Riyadh, London, Belfast, Zurich, Frankfurt, Toronto, New York, Chicago, Fremont, Pittsburgh and Chile. For more information, please visit http://www.polarisFT.com/.

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