Chennai, India, April 20, 2017:
Intellect Design Arena’s QCBS will improve the “operational efficiency” of the African central bank; system will also form the “backbone” of the Central Bank of Armenia’s upgrade
The Central Bank of Lesotho has deployed a new core banking system successfully with “zero" errors, it was announced on April 19.
According to Intellect, its QCBS platform “deploys an array of technology frameworks including Extreme Account Posting (XAP), Run Time Re Use (RTRU), and Look Ahead Processing (LAP) technologies” Intellect Design Arena was chosen to implement the institution's ‘Quantum Central Bank Solution’ (QCBS) as the old solution became “dated” and “limited” in its ability to upgrade.
"This project is an important milestone in Central Bank of Lesotho's digital transformation journey,” says Mothetsi Sekoati, head of business solutions at the central bank.
Sekoati notes Intellect delivered not only on the product, which will help the central bank improve its “operational efficiency”, but also on its deadline.
The new framework will help the central bank “to streamline its business processes across multiple departments and external entities,” Intellect says. It will also implement an automation process which “will remove all unnecessary manual intervention in transaction processing”.
The system, which is already deployed at the Bank of Ethiopia, Central Bank of the Seychelles and the Reserve Bank of India, was recently chosen by the Central Bank of Armenia as it too begins to upgrade its core banking system.
Under the QCBS, Armenia’s central bank will begin to generate its balance sheet in real time and be able to access “comprehensive dashboards” for integrated operations and prudential oversight.
Alongside the new system, the central bank has also chosen to implement Intellect’s currency life cycle management and treasury management solutions. All projects will be integrated in collaboration with Intracom Armenia, a domestic telecoms firm.
The new systems with provide the central bank with a “robust and strategic backbone”, Vakhtang Abrahamyan, deputy governor of the institution says. Such systems will allow new initiatives, such as regional payment systems, to become a “reality”, he adda.
“Recent episodes of market stress, along with other ongoing changes in financial markets and the broader financial system have prompted central banks to re-examine their collateral policies for their monetary policy implementation with prudent risk management,” Intellect says.
Intellect Design Arena, formerly known as Polaris, was awarded Technology Provider of the Year 2015 and Payments and Market Infrastructure Provider of the Year 2016 by Central Banking.