component of iGTB at the front-end, as well as processing modules for cash and liquidity management, domestic and foreign payments, trade finance and supply chain financing. A new client Development Bank of the Philippines (DBP), concluded a selection process initiated in 2015 for the full replacement of Equation. The supplier enlisted Intellect Design Arena, in conjunction with local partner Kaisa Consulting. DBP allocated a budget of $6.5 million for the project. The scope includes deposits, loans and general ledger.


Development Bank of the Philippines (DBP), which


concluded a selection process initiated in 2015 for the full replacement of Equation. The supplier enlisted to deliver the new system was Intellect design arena, in conjunction with local partner Kaisa Consulting. DBP allocated a budget of $6.5 million for the project. The scope includes deposits, loans and general ledger.


Intellect design arena implemented its core banking and loan origination software at Sri Lanka’s HDFC Bank in a one- year project. It will replace a 20-year-old in-house developed solution. Infosys and Sungard were also considered, but lost out to Intellect.


Egypts major banking player, Commercial International Bank (CIB), went live with a new custody system supplied by Intellect design arena. Intellect Custody was installed in six months, and covers the entire custodial functionality at CIB. Malaysia-based Hong Leong Bank Berhad (HLBB) overhauled its wholesale banking business with the implementation of a new system, iGTB, from Intellect design arena. The bank implemented the omnichannel component of iGTB at the front-end, as well as processing modules for cash and liquidity management, domestic and foreign payments, trade finance and supply chain financing. Intellect Design Arena continued to post impressive


growth numbers for the year ending 2016 with total revenue at Rs 811 crore, a growth of 33% compared to the previous year. The year saw Intellect Design continue to focus on the digital offerings with a win at Capital Small Finance Bank, claimed to be India’s first small finance bank, where it will deploy Digital Core Banking, Trade Finance, Debt Management, e-banking, Payments, Treasury, Alerts, Tablet Banking, Smart Branch, Liquidity Management, and Anti Money Laundering (AML) from the Global Consumer Banking division. Another win was with Citizens Development Business Finance PLC based in Sri Lanka which implemented Digital Face, the supplier’s omnichannel solution. The year 2017 saw the supplier announce a revenue of


Rs 914 crore a growth of 13%. The year saw Intellect Design Arena bring on board clients for both its’ core solution as well as specific module implementation. One of the client was Mongolia’s Khan Bank which rolled out the debt management platform. The year also had two significant deals for the suppliers central banking specific product. April 2017 saw The Central Bank of Armenia (CBA) announce the implementation of Quantum Central Banking System (QCBS) for its digital transformation initiative. The other was Central Bank of Lesotho which implemented Quantum Central Banking System (QCBS) for treasury management, trade finance, currency management, foreign currency trading and liquidity support.


India-based Federal Bank selected Intellect Design Arena and its Digital Transaction Banking (DTB) system, part of the vendor’s iGTB offering in late 2017. The system is expected to be powered by “an integrated front-end omni-channel Corporate Banking eXchange (CBX) portal” with backend processors. DTB will also augment the front end of Federal Bank’s existing trade finance portal.


Conclusion


The Polaris Intellect story has been far from clear on several fronts including early customers, functionality, branding, and positioning. By April 2009, the company was claiming full integration across all parts of the suite, via its SOA work, with this launched as Intellect 10, described by Maakan as a ‘complete financial services solution’, with National Bank of Abu Dhabi again cited as the key user where this could be demonstrated and with implementations at ‘two banks in Asia Pacific’, presumably the Vietnamese pair. Given that the software launched by Orbitech was built over time for Citibank, it was bound to be somewhat mixed in terms


of strengths and weaknesses. Polaris has thrown resources at the suite since then, to overhaul and standardise the different components. It looked a steep learning curve, with Commercial Bank of Kuwait one of the painful early lessons. By the start of 2006, a number of other banks had bought into different parts of the Intellect Suite, with success gained in particular niches, but the success or otherwise of some of the core system projects was still not clear by mid-2007. A reflection of the lack of live sites was probably the fact that a bank with Intellect on its shortlist for a broad systems selection project was taken by Polaris in early 2006 to


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