BOC launches new ‘Finacle’ treasury system

Bank of Ceylon (BOC) announced the launch of its new treasury system ‘ Finacle’ i n conjunction with Infosys and its business alliance partner Millennium IT, a leading IT solution provider in Sri Lanka.

BOC deployed the New Age Infosys Finacle Treasury Solution Version 11.2.1 t o provide its customers with a new paradigm in service excellence and convenience with this state-of-the-art platform. The new system enables the treasury activities of BOC to strengthen its risk management and provide a speedy and modern service to its customers and counterparties.

The BOC treasury plays a vital role in the performance of the bank by contributing a significant amount towards profitability. BOC caters to all spheres of society from the smallest investor to the largest corporate.

BOC treasury attracts a large number of l ocal and foreign customers by quoting competitive foreign exchange rates and engaging in Repo and Reverse Repo transactions, LKR-denominated government securities such as Treasury bills and bonds and currency options t o corporate customers to mitigate exchange rate and interest rate risks. It also maintains a strong global presence with over 859 correspondent relationships with overseas banks.

BOC Chairman Roland C. Perera, Presidents Counsel and BOC General Manager D.M. Gunasekara inaugurated the system recently.

Finacle is the award-winning universal banking solution suite from Infosys. Finacle today powers banks in 84 countries. Finacle has been rated a leader by various independent analysts including Gartner, Forrester and others. Millennium IT is the power behind many of the world’s financial markets and is a fully-owned subsidiary of the London Stock Exchange Group. it has spearheaded implementation of Finacle treasury at major state and private sector banks in Sri Lanka.