Infotech Lead Asia: Landbank, a government bank in the Philippines, has tapped Polaris Financial Technology to reduce operational cost and improve productivity.
Landbank currently uses Polaris’ Intellect Trade Platform in all its products such as documentary credits, guarantees, bills, collections, trade loans, open account, advance payments and direct remittances.
More importantly, the banking software solution by Polaris addresses Central Bank (BSP) regulations in the Philippines.
Polaris’ Intellect Trade Finance Solution, a web-based solution for Trade Finance Process, will be Landbank’s new Trade Finance platform. The solution integrates with multiple systems and offers value added services such as integrated workflow and imaging solution for processing Trade Finance transactions in real time.
The deployment of Polaris’ solution enhances the existing processing and reporting practice at Landbank, the fourth largest bank in the Philippines.
Conrado B Roxas, first vice president for Banking Operations, Landbank, said: “Polaris’ solution will provide a potential of net savings due to reduction in system annual maintenance fees and manpower costs. The reduced processing time will likewise allow us to provide higher customer satisfaction and enhanced service.”
The Polaris solution offers web-based trade finance services, complete life cycle processing for Letter of Credits, bills, trade loans and guarantees processing, interfacing with partner systems, reduction in operational costs, higher trade revenues, high productivity and better SLAs.
Supriyo Sircar, head – Asia Pacific Business, Polaris Financial Technology, said: “Intellect Trade Finance Platform with its features offers the bank end to end trade management, enabling Landbank to roll-out a Global Trade Processing application.”