Polaris unveils FATCA and Global KYC Ready ICOH solution

Polaris Financial Technology Ltd, a provider of software solutions and products for banking and financial services, has unveiled its FATCA and Global KYC Ready Intellect Customer Onboarding Hub, or ICOH, solution.

ICOH is a single solution for managing client onboarding lifecycle, cross-channel account opening and 360 degree view of customers for all banking lines of business, product groups and customer segments. As a solution that packages holistic KYC and Anti Money Laundering for rule driven customer onboarding, Intellect COH offers eBAM & FATCA ready multichannel on-boarding, inbuilt watch list monitoring, checklists, alerts and real-time dashboards.

Intellect Customer Onboarding Hub offers banks the ability to drive operational efficiencies across the entire customer onboarding lifecycle, ensures regulatory compliance and provides an enhanced customer experience. Operational silos, lack of straight through processing, unintegrated channels and rapidly changing regulatory requirements have posed significant challenges when banks have undertaken to streamline the customer onboarding process across product lines and fragmented systems.

Built on Polaris's Hub Technology, it comes bundled with rule driven workflows, configurable user interfaces, dynamic data models, a built-in integration engine, efficient image & document management capabilities, secure user and role based entitlements. ICOH provides standardized processes for onboarding across all banking lines of business, coverage for all applicable regulatory compliance, account opening and enhanced 360 degree customer views, risk management, along with extensive business activity monitoring and reporting capabilities.

Uppili Srinivasan, head - Intellect Global Transaction Banking, Polaris Financial Technology Limited said: "Polaris's Intellect Customer Onboarding Hub serves as a next generation compliance framework enabling banks to increase the vigil on customer due diligence processes. Know Your Customer (KYC) Compliance, Risk Management and Regulatory Norms have never been in greater focus in the banking and financial services business than they are today.

"As a result, banks are adopting more exhaustive onboarding and account opening processes. ICOH, built on a loosely coupled, component based architecture, provides banks the cost advantage, low TCO and flexibility to choose what they require, creating business value and revenue generation capabilities through better management decisioning capabilities."