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July 26, 2011
TMCnet Contributor
Citizens Development Business Finance plc (CDB), a financial institution in Sri Lanka, has signed Polaris’ Intellect (News - Alert) Core Banking Solution (CBS), a comprehensive core-banking product with multi-currency, multi-branch and multi-banking capabilities to transform banking technology platform.Officials with Polaris said that the Intellect product suite supports a wide spectrum of banking operations ranging from basic core modules, general ledger, operational accounts, deposits, loans and advances, leasing, to other more specialized modules such as, pawning, debentures, securitisation, loan origination and analytics, audit trail and access control with single sign-on. Thanks to this application software, CDB hopes to increase its efficiency, performance, security and transparency of its day -to- day operations allowing its customers to enjoy a higher level of service.
“Intellect will support future growth plans of CDB in terms of business scaling, product depth and meeting ever evolving customer expectations,” said Mahesh Nanayakkara MD & CEO, CDB, in a statement.Imdaad Naguib AGM IT, CDB said that signing up with Intellect will pave the way for CDB to have the competitive edge over competition which is imperative for business growth.
Naguib said that Intellect will support the future growth plans of CDB in terms of business scaling, product depth and meeting ever evolving customer expectations.
He said that the implementation of this system will create the technological framework that will cater to all requirements of CDB as it rapidly expands its geographic presence. “CDB chose Polaris after a lengthy due diligence and this win is indeed prestigious to us! There is a need for high quality CBS solutions in Sri Lanka that specifically addresses the need of this segment and we are indeed bullish,“ said K Srinivasan, executive vice president & geography head, Indian subcontinent, Middle East, and Africa (IMEA), Polaris Software.
Faiq Faaiz, executive vice president, MillenniumIT said that as the local business partner of Polaris, MillenniumIT is excited to play an integral part in the Intellect implementation at CDB, which is a key role in delivering technology to benefit the bank’s business expansion plans.
“We firmly believe that our experience in core banking technology and expertise in local banking and financial services will provide the skills necessary to support this implementation, including products and applications from IBM (News
- Alert), Veritas and Oracle. The MillenniumIT team will also provide CDB with post go-live support,” said Faaiz. MillenniumIT is a leading information technology provider, specialising in IT solutions for the financial, telecom and capital markets, based in Sri Lanka and owned by London Stock Exchange Group.Anil Sharma is a contributing editor for TMCnet. To read more of his articles, please visit his columnist page.
Edited by Rich Steeves