To align current and future IT requirements of RBI including one generalised ledger for the bank
Polaris Software, a financial technology firm, has been selected by the Reserve Bank of India (RBI) to implement Intellect Core Banking System (CBS) across the Bank.
Under the $55m end-to-end implementation agreement, Polaris will provide system integration and maintenance of software to RBI for a period of ten years.
Polaris said that by implementing a centralised core banking offering at all RBI offices will align all the current and future IT requirements of RBI including one Generalised Ledger for the bank.
The Intellect CBS would help RBI to have a cross functional and seamless automation and integration of the banking operations in all regional offices of the Bank to ensure high scalability and high levels of performance in both OLTP operations and batch operations like EOD.
In addition, the Intellect CBS provides integration middleware, which delivers seamless integration and interface with large number of systems running on a wide range of hardware, operating systems and technologies.
The offering also provides security features including internal account numbers, tamper proof database, PKI supported transaction execution and storage, security in account operations including positive pay features, document certification and verification, two factor authentication and OTP provisions.
Polaris Software chairman and CEO Arun Jain said they are delighted that after stringent evaluation of the Next Generation architecture of Intellect, RBI chose Polaris.
"This $55m deal is the single largest Intellect win for Polaris and the trust that the RBI has shown in us reaffirms our investments in building highly scalable and open SOA technology," Jain said.
"I dedicate this deal to the Polaris Product Engineering group and their commitment towards building such a high performance system."