Polaris Financial Technology has declared that Sonali Bank, the largest state owned commercial bank in Bangladesh has gone live with Polaris’ state-of-the-art Intellect Core Banking Solution (CBS). Sonali Bank, Bangladesh Commerce Bank (BCBL) and Polaris Financial Technology had earlier signed a memorandum of understanding (MoU) to form a joint venture company (JVC), Sonali Polaris FT (SPFTL).
Driven by the Central Bank directive, this local partnership in Bangladesh’s financial sector would enable the banks to move towards next generation transformational banking technology for more efficient banking.
Sonali Bank required customization, delivery, installation, implementation and maintenance of fully centralized online real time banking (ORTB) system as well as migration of data and training to the bank’s employees on ORTB in all its branches, subsidiaries and joint ventures around the globe. To this effect, the bank chose Polaris to positively impact as a key partner in this transformative exercise.
Sonali Bank is the largest state owned commercial bank in Bangladesh with 1,188 branches including 2 overseas branches at Kolkata and Siliguri in India.