Polaris Software, a leading global Financial Technology Company and MillenniumIT, a leading information technology provider and part of London Stock Exchange Group, yesterday announced that Citizens Development Business Finance plc (CDB), a leading financial institution in Sri Lanka, has signed Polaris’ Intellect Core Banking Solution (CBS), a comprehensive core-banking product with multi-currency, multi-branch and multi-banking capabilities to transform their banking technology platform.
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, Counter Operations, Remittances, to other more specialised modules such as, Pawning, Debentures, Securitisation, Loan Origination, Integration Middleware, MIS and Analytics, Audit Trail and Access Control with Single Sign-on.
This well developed application software will enable CDB 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 CBS will also facilitate smooth integration to different initiatives and provide a platform for ensuring risk control through its various processes.
CDB opted for Intellect CBS because its advanced technology offers high performance whilst enabling it to have a highly configurable functionality which ensures that minimal customisation is required as most of the current and future requirements including business process changes, can be fulfilled using configuration.
This together with its round-the-clock real-time accessibility and availability and the fact that it is web enabled, will allow the bank to rapidly realise its growth and expansion plans.
Speaking on the occasion CDB Managing Director and CEO Mahesh Nanayakkara said: “Intellect will support future growth plans of CDB in terms of business scaling, product depth and meeting ever evolving customer expectations. Signing up with Intellect will pave the way for CDB to have the competitive edge over competition which is imperative for business growth. Intellect will support the future growth plans of CDB in terms of business scaling, product depth and meeting ever evolving customer expectations. The implementation of this system will create the technological framework that will cater to all requirements of CDB as we rapidly expand our geographic presence.”
Commenting on the deal, Polaris Indian Subcontinent, Middle East, and Africa (IMEA) Executive Vice President & Geography Head K. Srinivasan said: “CDB choose 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.”
MillenniumIT Executive Vice President Faiq Faaiz said: “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, Veritas and Oracle. The MillenniumIT team will also provide CDB with post go-live support.”