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Last updated on April 16, 2014 at 8:56 EDT

Polaris to Implement Intellect Quantum Core Banking Solution in National Bank of Ethiopia

October 7, 2012

ADDIS ABABA, Ethiopia and CHENNAI, India, October 8, 2012 /PRNewswire/ –

Ethiopian Central Bank chooses Polaris’ Intellect Quantum CBS specifically

designed for Central banks

Polaris Financial Technology Ltd (POLS.BO), a leading global Financial Technology
Company, today announced that National Bank of Ethiopia, an important Central Bank in the
African continent, has chosen to implement Polaris’ next-generation Intellect(TM)Quantum
Core Banking Solution (CBS) for Central Banks.

Polaris’ Quantum CBS will be National Bank of Ethiopia’s new core banking system,
comprising Core Banking, General Ledger, Trade Finance, Treasury and Enterprise
Reconciliation. The future-ready core banking system will support the Central Bank with a
comprehensive range of banking operations and services to meet the requirements of
commercial banks, governments and financial institutions.

Intellect Quantum CBS will replace the bank’s legacy system that had several
insufficiencies thereby inhibiting modernization, innovation and effective on-time service
delivery. Regular Commercial Bank CBS would be woefully inadequate in terms of supporting
the Central Bank in enhancing the financial efficiency in the country.

Polaris’ Intellect Quantum CBS, specifically designed for Central Banks, will address
the bank’s need for a solution that runs on modern technology with the aim of integrating
money, securities, payments & settlement system and the enterprise GL to enhance the
competitiveness of the bank, faster time to market the bank’s products as well as real
time and accurate management and regulatory reporting. The comprehensive solution will
transform the bank’s technology platform making it scalable, flexible, secure and customer
centric. Intellect Quantum CBS’ M180 technology eliminates the risk of technology
obsolescence.

Yemane Yosief, Vice Governor, Corporate Service,National Bank of Ethiopia said, “After
multiple assessment of different international core banking vendors, we found Polaris
eminently suitable as Polaris was the only vendor that had a solution specifically
designed to cater to Central Banks. Polaris’ accurate responsiveness to the bank’s user
needs, ease of configurability and low TCO along with its built-in futuristic features
made it the ideal solution for the bank. We are certain that the bank will benefit out of
this new core banking system, to further improve the soundness of the financial system. We
found the precedence set by Polaris in its CBS implementation for Central Banks in the
Reserve Bank of India and Central Bank of Seychelles highly commendable.”

Commenting on the successful deal, K Srinivasan, EVP & Geography Head, Indian
Subcontinent, Middle East, and Africa (IMEA), Polaris Financial Technology Ltd said, “We
are delighted to be chosen as the solution provider for the National Bank of Ethiopia.
With our primary focus on financial technology and innovation, Polaris will enable the
bank to become one of the strongest and most reputable Central Banks in Africa. Targeted
at Central Banks globally, Intellect Quantum CBS for Central Banks is a specialized
offering and we are optimistic about its success in the African market. This win is indeed
prestigious as it formalizes Polaris’ foray into Ethiopia.”

For more info, contact: Minal Sahani (+91-91766-26468; minal.sahani@polarisFT.com)

SOURCE Polaris Financial Technology Limited


Source: PR Newswire