Citizens Development Business Finance PLC goes live with Polaris’ Intellect® Core Banking Solution

Colombo, Sri Lanka and Chennai, India - 12 March 2013

Implementation of Intellect CBS enables transformation of CDB into a Complete Financial Services Provider Colombo (Sri Lanka) / Chennai (India), March 12, 2013: Citizens Development Business Finance PLC (CDB), one of the major Non-Banking Financial Institutions in Sri Lanka, has gone live with Polaris’ state of the art Intellect® Core Banking Solution (CBS). CDB chose Polaris Financial Technology Ltd (POLS.BO), a leader in products, solutions and services that enable unprecedented operational productivity for the global Financial Services industry and MillenniumIT, a leading global information technology provider owned by the London Stock Exchange Group, to implement Intellect Core Banking Solutions.

Intellect’s CBS implementation in Sri Lanka designed to handle non-banking finance solutions, facilitates the future growth plans of CDB in terms of business scaling, product depth and meeting the ever evolving customer expectations. Polaris’ highly scalable core banking solution for emerging markets has paved the way for CDB to have a competitive edge over competitors, which is essential for steady business growth.

Intellect CBS enables 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 Intellect software has facilitated smooth integration with other systems and has provided a platform for ensuring risk control through its various processes and controls.

Commenting on this initiative, Imdaad Naguib, AGM IT, CDB said, “The rollout of the new integrated Core Banking platform has created the technological framework to cater to all requirements of CDB as we rapidly expand our geographic presence and provide 24/7 access via ATM/POS and online payment gateways. Polaris’ domain experience in Core Banking implementation and Intellect’s rich functionality and scalability, robust technology and open architecture makes Polaris’s solution a true business enabler. Intellect CBS will enable us to transform into a complete financial services provider, supporting our ambitious plans to diversify and expand operations in the future.”

Commenting on the successful implementation, K Srinivasan, Partner & Head, Indian Subcontinent, Middle East, and Africa (IMEA), Polaris Financial Technology Ltd said, “We are extremely happy that CDB, the first Financial Institution in Sri Lanka to get Intellect® Core Banking Solution, has gone live with Polaris’ solution. With this implementation we hope to continue being CDB’s one-stop shop for all its business needs, meeting its future requirements for all operations and lines of businesses. The implementation in CDB reiterates the rapidly growing acceptance of Intellect, opening up a huge potential market for Polaris in the country.”

Faiq Faaiz, Executive Vice President, MillenniumIT said, “Working with CDB on this project was both a good experience and a great pleasure. From the initiation of this project, the CDB team was clearly focused on the end result and throughout the implementation process maintained a high level of professionalism, which helped form a good synergy between our teams. This working relationship, together with MillenniumIT’s extensive experience in the banking industry and our engineering team’s comprehensive skill set, were key contributing factors for the successful implementation of this project.”

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