Lankan firm selects Polaris' core banking soln

CHENNAI, INDIA: Financial Technology Company Polaris Software and IT provider MillenniumIT on Monday announced that Citizens Development Business Finance plc (CDB), a 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, including basic Core modules, General Ledger, Operational Accounts, Deposits, Loans and Advances, Leasing,Counter Operations and Remittances, etc., said a press release.

This 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, the release added.

Also read: Polaris launches Intellect CBX

Intellect CBS will also facilitate smooth integration to different initiatives and provide a platform for ensuring risk control through its various processes.

Mahesh Nanayakkara, MD & CEO, CDB, said, “Intellect will support future growth plans of CDB in terms of business scaling, product depth and meeting ever evolving customer expectations.”

K Srinivasan, executive vice president & geography head, Indian Subcontinent, Middle East, and Africa (IMEA), Polaris Software, said, “ CDB chose 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.“

Faiq Faaiz, executive vice president, MillenniumIT, 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.”