Bank of Ceylon Selects Misys BankFusion Universal Banking to Meet its Expansion Goals
London - 30 September 2010
Misys plc (LSE: MSY), the global application software and services company, today announces that Bank of Ceylon (UK) Ltd has chosen Misys BankFusion Universal Banking to ensure that its growth plans were supported by the latest financial services technology.
Bank of Ceylon in the UK was an international branch of the Sri Lanka state-owned Bank of Ceylon until early 2010 when the bank was granted a UK licence. The business will be the hub for the bank's expansion programme both in volumes and new geographies to service overseas Sri Lankans.
The bank evaluated several systems on the market from a number of banking solution providers. It has benefited from using Misys Bankmaster for several years and needed a solution that had the flexibility to allow the bank to grow its business. The upgrade to BankFusion Universal Banking provides a migration path from Bankmaster which minimises the risk of the change to the bank.
As well as upgrading the core banking solution, Bank of Ceylon (UK) Ltd licensed Misys TI Plus for trade finance processing, Message Manager for payments and messaging and the innovative Misys Personal Finance Portal for its consumer customers.
Being more responsive to customers is a key imperative for the bank. "We decided to invest in the latest solution from Misys at this exciting time for us," states Cyril Madadeniya, Chief Executive Officer of Bank of Ceylon (UK) Ltd. "We can now expand our business and ensure we provide better service to our clients, delivering new products to the market more quickly. The new technology will allow us to deliver to our customers the services that they require and we shall be able to expand our position as bank of choice for Sri Lankan nationals and businesses in this country.
Furthermore, BankFusion will also allow us to progress with the planning of an overseas network. We are of course delighted to align ourselves strategically with Misys who have supported the bank's core systems infrastructure for many years."
Misys BankFusion Universal Banking provides banks with the flexibility to add new products and processes. Crucially it integrates seamlessly with other systems and services and gives Bank of Ceylon (UK) Ltd a cost effective way to achieve a rapid return on investment through reduced hardware, software, deployment and operational costs.
Amar Naher, Director, Global Business Development, BankFusion, adds, "We are very excited that our long standing relationship has moved to the next level. Bank of Ceylon (UK) Ltd joins other forward-looking customers that are taking advantage of the next generation of core banking solution to grow their business internationally, underpinned by BankFusion. Misys is looking forward to collaborating with Bank of Ceylon (UK) Ltd in achieving their goals."
Misys' ability to demonstrate project delivery with lower risk and rapid deployment was critical in the agreement. BankFusion Universal Banking's capabilities were closely aligned with the bank's business plan of increased volumes and expansion programme outside the UK.
The solution architecture and components of BankFusion Universal Banking enable Business Managers to engage with their IT colleagues using business, rather than technical terms. BankFusion allows business staff to understand how their requirements are implemented across the solution, enabling new products to be delivered more quickly and cost-effectively and helping to bridge the gap between Business and IT.