CDB implements Core Banking Solution
Citizens Development Business Finance PLC (CDB) implemented Core Banking Solution(CBS) with Polaris Software (POLS.BO), a leading global Financial Technology Company and Millennium IT, a leading information technology provider and part of London Stock Exchange Group, a comprehensive core-banking product with multi-currency, multi-branch and multi-banking capabilities to transform their financial technology platform.
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 software will also facilitate smooth integration to different initiatives and provide a platform for ensuring risk control through its various processes.
The Intellect product suite supports a wide spectrum of banking operations ranging from basic Core modules, General Ledger, Operational Accounts, Deposits, Savings, Loans and Advances, Security Services Module, L/C Module to other more specialized modules such as, Counter Operations, Clearing Operations, Remittances, Integration Middleware, MIS and Analytics, Audit Trail and Access Control with Single Sign-on.
Imdaad Naguib DGM IT, CDB added “Signing up with Polaris Intellect for the last year has created the technological framework that will cater to all requirements of CDB as we rapidly expand our geographic presence, this has enabled us to connect to the overall banking system in the country by participating as a Sri Lanka Interbank Payment System (SLIPS) member. It has also helped to get integrated with the single largest ATM network in the country with issuance of CDB Visa International debit card.”
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 customization is required as most of the current and future requirements including business process changes, can be fulfilled using configuration. This together with its aroundthe-clock real-time accessibility and availability and the fact that it is web enabled, will allow the CDB to rapidly realize its growth and expansion plans.
Commenting on the implementation K Srinivasan, Partner & Geography Head, Indian Subcontinent, Middle East, and Africa (IMEA), Polaris Software said, “Being our first Implementation in Sri Lanka, CDB has opened up a huge potential market for Polaris. There are 9 Specialized Banks, 47 Registered Finance companies and 24 licensed commercial banks in Sri Lanka, which offers a huge gap between demand and supply to meet the emerging needs of these institutions and Polaris is bullish about exploring these opportunities.”