The country’s central banking institution, RBI, wanted to implement a centralized core banking solution at all its offices encompassing all banking and accounting operations to align with its current and future IT requirements, including one generalized ledger for the bank.
According to the Polaris, the Intellect CBS for Central Banks would help RBI to have a cross functional and automation and integration of the banking operations in all regional offices of the bank with departments like Deposit Accounts Department (DAD), Public Accounts Department (PAD) and Pubic Debt Office (PDO).
It said the integration layer will provide real time interface as well as batch interface and supports data
exchange in various range of formats and protocols. Intellect Integrator also supports advanced features like stand-ins, replays and system recovery support.
On the security side, Polaris’ solution seamlessly integrate into the IT environment and landscape of RBI meeting all its process flow and work flow requirements. The solution will provide future regulatory and functional requirements of RBI with shortest go to market timelines.
It provides security features by design such as 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 one time password provisions.
RBI appointed KPMG for business process reengineering, package and vendor selection and they will continue to work with the bank until project rollout.
