Union Bank to unveil new world class state-of-the-art core banking solution

Union Bank of Colombo Plc (UBC) announced that the bank would 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.

UBC has picked the internationally renowned banking solutions supplier, Silverlake Systems, Malaysia to implement the core banking system that will enhance the bank’s 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.  

Union Bank Director and CEO Anil Amarasuriya stated: “This is yet another milestone in the bank’s 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 optimising the bank’s balance sheet profile, developing a strategic balance sheet management framework, and to operationalise analysis and learning into executable strategies”.

Nilanth de Silva, Chief Operating Officer of UBC, stated that the bank would be investing in excess of US$ 6 million 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. Chee Chin Leong, President Business Alliances of Silverlake Systems Sdn Bhd (SLS) of Malysaia, said that the company was happy to partner Union Bank in this initiative.

He said: “Our solutions enable organisations 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 authorised reseller and certified implementer of the Silverlake Axis Integrated Banking Solution (SIBS). The award-winning SIBS is continuously optimised and maximised 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’s uncompromising commitment from the start to the full completion of large-scale core systems migration projects is evident from its marked 100% success track record.

Silverlake will implement the core banking system with the assistance of their accredited local agent Just in Time group.