Middle East banks will catch a larger portion of the global transaction banking market (worth US$509 billion) by 2025, with 62% anticipating growth of 25% or greater, and 34% expecting the region’s share to increase by at least 50%.
Polaris Financial Technology LTD iGTB division announced the launch of its NACH-ready India Payments solution. The solution is compliant with major payments systems in the country including National Automated Clearing House (NACH), Next-Generation Real Time Gross Settlement (NG-RTGS) and National Electronic Funds Transfer System (NEFT). With the emergence of NACH, a high rate of adoption is foreseen making it imperative for banks to have a strategic roadmap for the adoption of NACH. This would include product innovation, operational reconstructs and cutting edge technology adoption. NACH-ready India Payments solution contains NACH Mandate Manager, Transaction Processor for NACH, NG-RTGS, NEFT and APBS along with other standard features such as cross-border transactions and host-to-host connectivity. It is a web-based solution to facilitate inter-bank, high volume electronic transactions that are repetitive and periodic in nature. It facilitates centralized mandate management, direct debits and bulk payments processing.
Polaris Financial Technology announced that its Payments Hub from its iGTB division received a ‘Best in Class’ recognition for Payments Operations in CEB TowerGroup’s annual Payment Hubs Technology Analysis report, 2013. As a real-time payments solution that minimizes operational risk and improves the Straight Through Processing rate to over 90%, Polaris’ Payments Hub provides superior customer experience though a channel agnostic service layer with the flexibility to configure to meet changing customer needs, regulatory reforms and operational arrangements. With a 360° view of corporate activities related to payments, it offers better risk management, supports centralized control of global payments operations and its robust exception handling process and AML and fraud management capability reduce Exception and Investigation and manpower costs.