Polaris Financial Technology has declared that LANDBANK, the fourth largest bank in Philippines and the largest government bank in the country, has gone live with Polaris’ Intellect Trade Finance Solution to reduce operational cost and improve productivity. Polaris’ Intellect Trade Platform went live with all its products viz. Documentary Credits, Guarantees, Bills, Collections, Trade Loans, Open Account, Advance Payments and Direct Remittances.
Polaris’ Intellect Trade Finance Solution will be LANDBANK’s new Trade Finance platform. The web-based solution for Trade Finance Process, not only integrates with multiple systems, but also offers a plethora of value added services such as a fully integrated workflow and imaging solution for processing Trade Finance transactions in real time and in compliance with Central Bank (BSP) regulations.
The implementation of Polaris’ multi country solution enhances the existing processing and reporting practice at LANDBANK by offering highly automated web-based trade finance services, complete life cycle processing for Letter of Credits, bills, trade loans and guarantees processing, seamless interfacing with partner systems, reduction in operational costs, higher trade revenues, high productivity and better SLAs.
LANDBANK is by far the largest formal credit institution in rural Philippines, ranking among the top five commercial banks in Philippines in terms of deposits, assets, loans and capital.
Polaris is a full-spectrum Financial Technology major, using technology as an enabler to drive unprecedented operational productivity in Retail, Corporate and Investment Banking. Polaris services over 200 banks across the world, including 9 of the top 10 banks, with a comprehensive suite of products, services and consulting offerings.