Commercial Bank, HNB select Providence and WKFS to implement Sri Lanka's first IFRS systems

Commercial Bank PLC and Hatton National Bank PLC (HNB), Sri Lanka's largest private banks, have both selected the internationally renowned OneSumX Finance solution for implementation of IFRS in their respective institutions.

This implementation will position Commercial Bank and HNB as the first Sri Lankan banking institutions to be completely compliant with international reporting standards as per the IFRS global standard, according to an official statement to the media.

Jegan Durairatnam, Managing Director, Commercial Bank of Ceylon PLC said "Commercial Bank of Ceylon were one of the pioneers in adopting SLRFS (IFRS), the single global financial reporting language. This was in keeping with our leadership in compliance, and our international footprint. With our partnership today with WKFS and Providence, we enter a new era in financial reporting that will further enhance our international reputation, befitting our position as one of the top 1000 banks in the world."

Jonathan Alles, HNB Managing Director/CEO, said that "at HNB, we have always established the highest financial reporting standards. We pioneered the transition to IFRS reporting in 2012 and after a comprehensive review identified Wolters Kluwer as the strategic partner for the provision of a best in class automated solution that suits our diversified business model and long term strategic priorities".

Wolters Kluwers Financial Services is one of the largest providers of financial services worldwide with over 180 sites running their IFRS software solutions and many reference sites in Asia.

"IFRS reporting implemented by Commercial Bank and HNB would give them global recognition and acknowledgment. Selecting WKFS and Providence as the product and implementation partners ensures successful deployment of a critical solution," said Dr. Vaz S Gnanam, Director Providence Holdings (Pvt) Ltd, whose company issued the statement.

Providence is a leading service provider of software solutions expertise with close to a decade of experience in integrated systems.

IFRS reporting implemented by Commercial Bank and HNB would give them global recognition and acknowledgment. Selecting WKFS and Providence as the product and implementation partners ensures successful deployment of a critical solution