Axis Bank Eliminates MICR Clearing With Polaris Intellect BPS

Axis Bank has centralised its banking processes in trade finance, cards and check truncation using Intellect Business Process Studio (BPS) from Polaris Software. The check truncation solution has enabled Axis Bank to eliminate MICR check clearing, a paper-based check clearing process. This solution has resulted in high operational efficiency due to reduced check processing time, better risk management and control and high service levels for customers.

Axis Bank deployed the Intellect BPS platform initially for check truncation in the NCR region. The solution gave the capability to process one lakh checks a day. Later, the pre-built solutions, available as part of the common Intellect BPS platform, were extended to trade finance and credit cards processing. Over a period, the application was tuned to Axis Bank’s needs. The Trade Finance solution deployed in bank branches facilitates information capture. The same solution deployed in the back office processes ‘letters of credit’ and trade bills for India and foreign countries. The credit card processing solution deployed in the back office has created a paperless back office through its document management and workflow capabilities. With this, Axis Bank back offices in India have successfully streamlined their processes and achieved centralised operations.

Charanjeev Singh, vice president-Information Technology, Axis Bank, said, “We carried out a detailed vendor selection process evaluating more than a few vendors and found the Polaris check truncation solution unique and customised to Indian banking. It has rich functionality and ease of use.”

More from Biztech

Future Group - Reliance Retail Deal approved by CCI RBI ban on cryptocurrencies takes effect; prohibition could force investors to tap the black market

“When our bankers saw the high RoI of the Intellect BPS platform, they decided to extend it to the trade finance and cards processes as well. Polaris’ Intellect BPS gave us a better perspective of business and technology in terms of a re-usable framework. We recognise Polaris’ domain expertise and their ability to add value to us at a strategic level,” said Singh.