Mandates and payments roundup, July 26

Sonali Bank and Bangladesh Commerce Bank implement a core banking solution from Polaris, while SunGard partners with CCS to build a new commercial lending solution.

Polaris wins mandate and partners with Sonali Bank and BCBL

Bangladesh’s Sonali Bank and Bangladesh Commerce Bank (BCBL) have both chosen to implement an end-to-end banking solution from financial technology company Polaris Software. The three parties have also signed a memorandum of understanding to form a joint venture company called Sonali Polaris Financial Technology to help banks in Bangladesh adopt new banking technologies and practices.

The new joint venture will allow Polaris to take advantage of the emerging market in Bangladesh according to Arun Jain, chairman and chief executive of Polaris. “This innovative ‘co-creation model’ has helped us transcend the traditional vendor role allowing us to effectively partner with local banks to offer highly efficient and flexible products and services that will give our customers the competitive edges in the financial technology space, and thereby drive their success in the future,” he said.

SunGard to build commercial lending solution

Business software and information technology services provider, SunGard, is to partner with Customer Credit Systems CCS, a credit processing and maintenance systems provider, to build a new integrated end-to-end commercial lending solution. According to both SunGard and CCS, the solution will help banks to process complex corporate origination and improve transparency and efficiency of the credit management lifecycle.

“Banks worldwide are looking to re-evaluate processes to manage their commercial credit operations in light of the ongoing deterioration of the real estate market and further tightening of regulatory requirements that will impact profitability,” said Andreas Hug, chief operating officer for SunGard’s ambit risk and performance management business unit.

Reval’s SaaS solution now integrated with SAP applications

Corporate and financial institution risk management software provider, Reval, has achieved certified integration with Germany-based SAP’s applications for its software-as-a-service (SaaS) solution. Reval’s solution now integrates with SAP’s ERP application which provides its customers that use SAP solutions with advanced accounting and cash settlement functionalities.

“Through the integration of Reval’s general ledger capabilities with SAP applications, customers can streamline core treasury and business technologies, which we believe will prove highly beneficial to current and future customer engagement,” said Jim Gilbert, vice-president of strategic alliances at Reval.

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