Bank Danamon, Indonesia, the second largest private national bank and the fifth largest commercial bank in Indonesia, has chosen System Access, Singapore, a leading global universal banking solutions provider, to be the vendor to supply the entire banking group with a Central Liability System (CLS).
System Accessâ flagship product, SYMBOLS, will be deployed as the CLS and will control credit limits within the Group, across its products and customers, by providing and capturing sanctioned limits, drawing powers, exposures, collateral values, delinquencies and covenants from âproduct systemsâ and other systems to enable bank-wide credit risk management. These new developments will position SYMBOLS as the solution platform for Bank Danamon to tailor its future products and services for its customers.
Reaping the benefits of the SYMBOLS CLS, Bank Danamon will be able to undertake credit risk management activities by using multiple sources of data, as well as flexible and user defined data grouping. SYMBOLS will interface to three existing systems within the Bank (Retail, Treasury and Trade Finance systems) to enable Bank Danamon to build a foundation for corporate risk management. This significant move will enable the bank to revamp its business processes and increase its ROI through this new avenue. Customer information, centralised in SYMBOLS, will therefore be streamlined for the Group to better understand its clients.
Mr Aravinth Kumarasamy â SVP, Head of Global Sales & Marketing, Product R&D for System Access comments on this significant development for System Access:- "This is another important milestone for us in Indonesia. The significance of this success position us to better support the growing needs of Bank Danamon as it evolves to into a full fledged Universal Bank. We look forward to continuing this relationship with the entire Group and to reiterate our commitment to the Indonesian market".