Chennai December 3, 2013: India headquartered products, solutions and services leader, Polaris Financial Technology's Payments Hub from its iGTB division, has received a "Best in Class" recognition for Payments Operations in an annual Payment Hubs Technology Analysis report, for 2013 by CEB TowerGroup .
As a real-time payments solution that minimizes operational risk and improves the Straight Through Processing rate to over 90%, Polaris' Payments Hub, with a 360° view of corporate activities related to payments, offers better risk management while supporting centralized control of global payments operations.
The Payments Hub orchestrates payment messages received from front-end channels through to final clearing and settlement. The solution has various built-in components like a messaging engine, STP accelerator, rules engine and workflow modeler that ensure seamless payment processing. It can act as both middleware to orchestrate payment workflows by sitting on top of a payment processor, as well as a single end-to-end platform for processing all payments types initiated from various channels.
CEB TowerGroup, Research Director, Andy Schmidt said, “Banks are looking for payment hub solutions that are both flexible and capable of processing payments from any front-end channel all the way through to final clearing and settlement. Market-leading solutions enhance these capabilities by adding tools like dashboards and alerting capabilities to not only give users visibility into the bank's payment activity, but also generate alerts delivered across a variety of channels both inside and out of the bank.”
Manish Maakan, Chief Executive Officer, Polaris iGTB said, “Being recognized as 'Best in Clas' for our Payments Hub stands testimony to the efficiency of our product, enabling users to manage the entire payment lifecycle from end to end. In our opinion, the highly scalable architectural design of the Payments Hub, its breadth of functionality and its cutting edge technology is indeed the new standard in payments solutions worldwide. This recognition substantiates our continued focus on offering innovative products to leading financial institutions worldwide.”