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  • Central Bank of Seychelles goes Live with Polaris’ IntellectTM Core Banking System for Central Banks

    Published on December 1, 2010

    Chennai : Polaris Software, a leading Financial Technology company, today announced that Central Bank of Seychelles, the central authority responsible for all monetary issues in the country, has gone live with Polaris’ IntellectTM Core Banking System (CBS) for Central Banks.

    Powered by our innovative Xtreme Account Posting Gateway (XAP) Technology, the solution has been designed to enable the Central Bank to exercise Transaction Per Day Per Account (TPDPA) linked processing for associated commercial, private and co-operative banks across Seychelles. To overcome the bottlenecks created by millions of transaction requests that comes to the Central Bank every second from banks across the country, the new system implements XAP technology to create self managed virtual multiple gateways, which enables concurrent, multiple postings on a single account. The number of gates increments according to the number of requests, ensuring real-time output.

    IntellectTM CBS for Central Banks will replace Central Bank of Seychelles’ legacy system that was unable to handle growing volumes, affecting operational efficiency. The new platform contains modules designed to handle transactions unique to a Central Bank:

    • Fresh Currency Notes Issuance

    • Fresh Currency Notes Management

    • Currency Notes Circulation/Currency Notes Destruction

    • Debt Management, on an auction module

    It will also enable Liquidity Management Services for associated banks and the Seychelles Govt. on an intraday as well as long term basis. In accordance with international best practices and regulatory guidelines, the new solution will generate a special Enterprise General Ledger (EGL) for the bank which will be International Financial Reporting Standards (IFRS) compliant.

    Speaking on the occasion Mr. Pierre Laporte, Governor and Chairman, Central Bank of Seychelles said, “Central Bank of Seychelles strives to contribute towards the sustainable economic growth of Seychelles through prudent monetary policies and maintenance of a sound financial system. On our 32nd Anniversary, it is rather fitting to announce the implementation of Polaris’ IntellectTM Core Banking System (CBS) for Central Banks. This will usher a new chapter in the transformation journey of our banking, monetary and financial system in the country. Polaris’ distinctive edge in the financial technology domain and long standing performance benchmarks lead to its selection vis-à-vis other competitors.”

    Commenting on the successful implementation Mr. Suresh Kamath, Partner, Polaris Software said, “Working with the Central Bank of any country is a great opportunity in itself, and to finish such a project ahead of time is indeed exciting. The new platform will minimize reconciliation issues for the central bank, enable real-time Liquidity Management and ensure a strong Payment Infrastructure which will facilitate associated banks to seamlessly transact internally. IntellectTM Core Banking System (CBS) for Central Banks is a specialized offering targeted at central banks globally and we are very optimistic about its success in the African market.”