Karur Vysya Bank takes Polaris's banking solution

Chennai, Feb 13 (IANS) Banking, financial services and insurance (BFSI) software company Polaris Financial Technology Wednesday said Karur Vysya Bank has selected its transaction banking solution for its operations.

"Karur Vysya Bank, one of the leading private banks in India, has chosen to implement the Polaris Intellect Global Transaction Banking (GTB) solution to enable the launch of its green-field operations in transaction banking," Polaris said in a statement here.

The GTB solution covers cash management, supply chain finance and a banking portal that would suit the growing needs of the Tamil Nadu headquartered private bank.

Polaris chairman Arun Jain said, "This technology partnership with KVB (Karur Vysya Bank) 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."

Citing the competition and low margins in this space, Jain said technology and innovation are driving banks' revenue.


Get stories like this on the Yahoo app and discover more every day.
Download it now.