Head office: Level 35, Canada Sqaure, London, E145LQ, UK Tel: : +44 (0)20 7516 1350 Email:
marketing@polarisFT.com Other offices: Australia, Bahrain, Canada, Chile, China, France, Germany, Hong Kong, Ireland, Japan, Malaysia, Netherlands, New Zealand, Philippines, Saudi Arabia, Singapore, Spain, Switzerland, Thailand, UAE, UK, US, Vietnam. The company has other offices throughout India Website:
www.igtb.com Twitter: @i_GTB Contact: A Praveen (
a.praveen@
polarisft.com) Founded: Polaris Software was set up in 1985, Orbitech in 2001. They merged in November 2002 Ownership: Publicly listed on the National and Mumbai Stock Exchanges Number of Staff: 12,500+ Number of Customers: Claims 53 for messaging system; two for card management system Payments Products: Intellect Payments, Intellect Cards Categories: Message routing, card management, anti-money laundering, liquidity management
Summary history 2001
October – A new company, Orbitech, is spun off from two divisions of Citibank India, Citicorp Overseas Software Ltd (Cosl) and Global Support Undertaking. This was more or less a direct repeat of the move that had produced I-flex Solutions (now Oracle FSS) from another of the bank’s Indian divisions, Citil, a decade earlier. Orbitech claimed that the solutions it now intended to bring to market were installed in 73 countries throughout Citibank. It had 1200 staff at the outset.
2002 November – Orbitech merges with Polaris; the combined company launches under the latter name. The original Polaris had largely focused on software-related services. Citibank was a major client. Canara Bank signs as the first taker outside of Citibank for the Intellect Cards system.
2004
2004 May – A first revamp of what is dubbed the Intellect Suite is announced, initially at an event in Singapore. Polaris talks about bringing the applications into a single framework, with the emphasis on J2EE, objects and SOA. The suite included, it claimed, systems for core banking, cash management, liquidity management, treasury, risk management, wealth management and insurance, among others. Meanwhile, the combined company appeared to be struggling with the merger, reflected in a few depressed quarters from a financial perspective and one or two early problem projects.
2006 Chilean retailer, BNS Presto, signs as the first non-Indian taker of the Intellect Cards system.
2009 October – Polaris acquires small Indian core banking system vendor, LaserSoft. 2014 Polaris decides to split its software and services businesses into two distinct units. The software unit is rebranded as iGTB.
The product suite
The payments messaging system resides with a Mumbai-based team that has been in place since around 2005. This team is put at around 100 staff, and can also draw on other resources within the company. While the origins of the payment system are within Citibank, Polaris claims it has been completely rewritten, so is J2EE and SOA-based, with ‘no legacy components’. It supports Websphere and Weblogic application services. It supports Oracle and, potentially, DB2, and runs on IBM’s AIX or Sun Solaris Unix. There are adaptors for performance monitoring tools such as Tivoli or Systar.
The supplier claims the payment engine supports ‘high 192
care and high volumes’ so can span wholesale and retail. It is intended to support pre-processing, orchestration, tracking, and business monitoring, with integration with ERP systems and real-time
reporting. automatic
transfers, cross-border and domestic transfers, standing instructions etc. The system
It enables account to account supports
message generation and can support de-duplication checks against SDN/Special Lists plus the generation of alerts and advices to customers. A funds control component provides an automated balance checking solution for outgoing funds transfer payment requests by performing real-time checks of both the balance and associated credit for the debit parties. There is a business rules engine for defining aspects such as validation, cut-off times and value dates. There is a
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company details
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