iGTB Solution Drives Burgan Bank’s Cash Management Services

ME NewsWire

Kuwait - Monday, October 13th 2014

Polaris Financial Technology Limited’s Global Transaction Banking division (iGTB), provider of the world’s first complete Global Transaction Banking platform, congratulated Burgan Bank for winning the ‘Best Domestic Cash Management Bank of the Year’ award from the Asian Banking and Finance Magazine’s Wholesale Banking Awards 2014 in Singapore. K Srinivasan, EVP & Geography Head, Indian Subcontinent, Middle East and Africa (IMEA), Polaris Financial Technology, presented a plaque to Raed. Al Haqhaq, Group Chief Banking Officer, Fadel Abdullah, Chief Corporate Banking officer, Fahad Al Menayes - Group IT Head, Swapnil D.J. Desai- Head of Cash Management, Burgan Banking Group congratulating them and the bank on this prestigious award.

The recognition comes to Burgan Bank, a leading Middle Eastern financial institution on demonstrating its strength and the leading position of its Corporate Banking - Cash Management Services. The award also underlines the bank's product diversity offered to corporate clients.

 iGTB Cash Management solution is built on unparalleled depth of domain knowledge. It offers the bank effective end-to-end capabilities that enable optimization of cash flows for corporate. The solution is one of the first integrated Cash Management Suites offered by a bank in Kuwait providing corporate users a self-service login for a single view across multiple lines of business - payments, collections and receivables.

Congratulating Burgan Bank, K. Srinivasan, EVP & Geography Head, Indian Subcontinent, Middle East and Africa (IMEA), Polaris Financial Technology said, “We are extremely happy on the coveted award that the bank has won. It’s a great achievement for us as well; when our customer wins, we win. We congratulate Raed and his team of exceptionally talented bankers on winning this award for best cash management solution. iGTB is the world’s first transaction banking platform that provides leaders, such as Burgan Bank, with a springboard to leverage their expertise and on-field innovation without any constraints.”

Manish Maakan, CEO, iGTB, Polaris Financial Technology said “It is great a milestone that we have achieved in partnership with Burgan Bank. iGTB Cash Management solution has enabled both the bank and its corporate customers to add users, define workflows and customize entitlements while reducing inherent processing complexities that results in weak cash flows. The Payments Engine provides increased payment efficiency, empowering the bank to give value added services to its customers. We congratulate Burgan Bank on this momentous win and wish them many more successes”

Raed Al Haqhaq, Chief Banking Officer – SGM said, “Burgan Bank’s Cash Management offering presents itself as a platform that offers a number of key services specialized in cost effective and end-to-end solutions that optimize cash flows for corporates. Burgan Bank’s Corporate Banking Group have been long dedicated to delivering the best cash management solutions to our clients while remaining firmly committed to maintaining high standards in Kuwait and across the region. We are glad to have Polaris as a partner providing with the technology to power this platform.

Burgan Bank’s Cash Management team is committed to providing a comprehensive range of integrated products and services to corporate clients, including payments, collections and electronic banking solutions. The new award follows an extensive list of recognition that the bank continues to receive, while emphasizing on its success story and progress of its local, regional and international operations.”

About iGTB

iGTB, part of the Polaris group, is the world’s first complete global transaction banking platform, used by top transaction banks across the globe, covering the corporation’s entire value chain. iGTB’s comprehensive products include Customer Onboarding, Payments Services Hub, Receivables Management, Cash Management, Liquidity Management, Funds Control, Trade Finance, Supply Chain Finance and Treasury. All these modules are available to customers through intuitive real-time Omnichannel interface, the renowned Corporate Banking Exchange (CBX), powered by Canvas Technology - a transformative distribution technology.

These modules can also be offered individually (or as cross product bundles), thereby enabling plug-and-play with the existing technology landscape. iGTB reduces exception and investigation cost by over 40% using the revolutionary Hub Technology. Benchmarked to handle volumes in excess of 30 million transactions per day with peak processing capability of 3.5 million transactions per hour, this is the technology banks have been waiting for.

With its non-disruptive Progressive modernization (ProMo) methodology, iGTB enables bank transformation based on the customers’ business priorities, thereby dismantling system silos with a heavy focus on customer centricity and operational efficiency. For more information, please visit www.igtb.com

About Polaris Financial Technology Ltd

Polaris Financial Technology Limited is a global leader in Financial Technology for Banking, Insurance and other Financial Services. With over 25 years of expertise in building a comprehensive portfolio of products, smart legacy modernization services and consulting, Polaris owns the largest set of Intellectual Property for a comprehensive product suite..

The company has a global presence through its 40 relationship offices across 30 countries, 6 international development centers and 8 fully owned Business Solution centers. Polaris has a talent strength of over 11,500 solution architects, domain and technology experts. For more information, please visit www.polarisFT.com

Contacts

For Media related info, please contact:

Nachu Nagappan          

Polaris Financial Technology Ltd

Mob: +91 89396 19676

Email: nachu.nagappan@polarisFT.com

For Investor related info, please contact:

Praveen Malik

Polaris Financial Technology Ltd

Mob: +91 89397 82837

Email: Praveen.malik@polarisFT.com

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