Polaris Unveils FATCA and Global KYC Ready Intellect Customer Onboarding Hub

Hub Technology is an application design platform that enables rapid solution delivery with the help of configuration, providing out-of-the-box BFSI-specific features and a configuration feature. By combining them with existing applications in the ecosystem and by providing improved services and control over operations, banking-specific solutions called ‘Hubs’ can be conceptualized, developed and deployed in a Unified environment.

Recently, Polaris Financial Technology Ltd unveiled its FATCA and Global KYC Ready Intellect (News - Alert) Customer Onboarding Hub (ICOH) solution, which the company is confident will allow banks to achieve cross-channel account opening, seamless client on boarding lifecycle and a 360-degree view of customers.

Apart from providing regulatory compliance and offering an improved customer experience, Intellect Customer Onboarding Hub ultimately allows banks to improve operational service across the whole of customer onboarding lifecycle.

At a time when banks are looking to streamline the customer onboarding process in product lines and fragmented systems, operational silos, lack of straight through processing, un-integrated channels and quickly changing regulatory scenarios have posed considerable problems.

Mr. Uppili Srinivasan, head of Intellect Global Transaction Banking, Polaris Financial Technology Limited, explained in a statement, “Polaris’ Intellect Customer Onboarding Hub serves as a next generation compliance framework enabling banks to increase the vigil on customer due diligence processes. Know Your Customer (KYC) Compliance, risk management and regulatory norms have never been in greater focus in the banking and financial services business than they are today.”

Recently, the company also announced that the National Bank of Ethiopia, an important Central Bank in the African continent, had selected Polaris’ next-generation Intellect Quantum (News - Alert) Core Banking Solution (CBS) for Central Banks. According to the agreement, Polaris’ Quantum CBS will now become the National Bank of Ethiopia’s new banking system. The company has stated that this new banking system will include core banking, general ledger, trade finance, treasury and enterprise reconciliation.