Polaris inks IT deal with Oman-based Bank Sohar

Polaris Software, a leading financial technology company, today announced that it has got into a deal with Oman-based Bank Sohar. The company will implement its banking product, a debt management tool.

Polaris' solution called as Intellect Global Universal Banking Debt Management Solutions, or Intellect Collect, is a comprehensive debt collections system that enables bank to design strategies to collect outstanding from their customers and effectively control the rising tide of delinquencies. The product has parameter that effectively controls delinquencies.

The product from Polaris is already implemented in four leading banks in the Middle East region. Commenting on the deal, Khalfan Rashid Amour Al Taley, DGM (retail banking), Bank Sohar said: "We were looking for a technology partner who could deliver us benefits of the domain, the latest technology and the experience of multiple implementations in the markets we operate."

Bikash Mathur, CEO – EMEA, Polaris Software, said: "The system has seen a high level of acceptance in the Middle East market due to its strategic ROI value."

Polaris stock settled at Rs 183.70, up marginally on the Bombay Stock Exchange today.