UB to introduce world class Core Banking Solution
Union Bank of Colombo PLC (UBC) announced that the Bank will be
introducing a new state of the art Core Banking Solution that will
enable the Bank to add further value to improving its management
processes and service delivery.
Nilanth de Silva, Chief Operating Officer of Union Bank and Chee
Chin Leong, President, Business Alliances of Silverlake Systems |
UBC has picked the internationally renowned Banking solutions
supplier, Silverlake Systems, Malaysia to implement the core banking
system that will enhance the Banks already technologically driven
management process to even greater heights. Union Bank is synonymous for
its Technology driven innovations and has introduced several firsts to
the Banking industry in Sri Lanka, including internet Banking, E Cheques
and the recently launched TV Banking solution, taking Banking
convenience to a new dimension.
Anil Amarasuriya, Director / CEO of Union Bank stated that ? this was
yet another milestone in the Banks premise to deliver superior customer
value. UBC is one of Sri Lanka's fastest growing Banks and the new Core
Banking Solution will add greater value to further improving service
delivery. It is a universal banking system with robust functionality
that provides comprehenstive instrument and product coverage for
deposits, lending, trade finance, treasury management and will also
enhance and support front-, middle-, and back-office operations of the
Bank, as well automate financial management, risk and performance areas.
It will also enable UBC to effectively manage increasing margin pressure
and growth by helping in optimizing the Bank's balance sheet profile,
developing a strategic balance sheet management framework and to
operationalize analysis and learning into executable strategies.
Nilanth de Silva, Chief Operating Officer of UBC stated that the Bank
will be investing in excess of 6 million US dollars in implementing the
system, further highlighting its commitment to operational stability.
Silverlake is one of the largest and most successful financial
software vendors in Asia, providing Banking solutions. Mr. Chee Chin
Leong, President Business Alliances of Silverlake Systems Sdn Bhd (SLS)
of Malysaia said that the company is happy to partner Union Bank in this
initiative. He said their solutions enable organizations to achieve
efficient and effective operations, and position them with a strategic
platform for future business needs. The new system with its flexibility
in functionality and features will ensure UBC vast technological
capabilities in delivering increased customer value and support its
rapid expansion smoothly.
Silverlake is an authorized reseller and certified implementer of the
Silverlake Axis Integrated Banking Solution (SIBS). The award-winning
SIBS is continuously optimized and maximized by Silverlake Axis Ltd (a
public listed company in the Singapore Stock Exchange) to deliver
customer responsive and innovative solutions. The client list of SIBS
includes leading Global and Local Financial Institutions across Asia
Pacific and Middle East, including 40% of the Top 20 Largest Banks in
South East Asia. Silverlake will implement the core banking system with
the assistance of their accredited local agent Just in Time group. |