UBC to introduce banking solution

Union Bank of Colombo PLC (UBC) will be introducing a state- of- the art Core Banking Solution that will enable the Bank to add value to improving its management processes and service delivery.

UBC has picked the internationally renowned Banking solutions supplier, Silverlake Systems, Malaysia to implement the core banking system that will enhance the Bank's already technologically driven-management process to even greater heights.

Union Bank has introduced several firsts to the Banking industry in Sri Lanka including internet Banking, eCheques and the recently launched TV Banking solution, taking Banking convenience to a new dimension.

Director and CEO of Union Bank, Anil Amarasuriya said that “ this is yet another milestone in the Banks premise to deliver superior customer value. UBC is one of Sri Lanka’s fastest growing Banks and the new Core Banking Solution will add greater value to further improving service delivery. It is a universal banking system with robust functionality that provides comprehenstive instrument and product coverage for deposits, lending, trade finance, treasury management and will also enhance and support front-, middle-, and back-office operations of the Bank, as well automate financial management, risk, and performance areas,” It will also enable UBC to “effectively manage increasing margin pressure and growth by helping in optimizing the Banks balance sheet profile, developing a strategic balance sheet management framework, and to operationalize analysis and learning into executable strategies,”, Chief Operating Officer of UBC, Nilanth de Silva said that the Bank will be investing in excess of 6 million US dollars in implementing the system further highlighting its commitment to operational stability.

Silverlake is one of the largest and most successful financial software vendors in Asia providing Banking solutions. President Business Alliances of Silverlake Systems Sdn Bhd (SLS) of Malysaia,Chee Chin Leong, said that the company is happy to partner Union Bank in this initiative. He said “Our solutions enable organizations to achieve efficient and effective operations, and position them with a strategic platform for future business needs. The new system with its flexibility in functionality and features will ensure UBC vast technological capabilities in delivering increased customer value and support its rapid expansion smoothly.