Seylan Bank, Sri Lanka’s sixth largest bank, has selected Finastra to help grow its trade and supply chain finance business using FusionBanking Trade Innovation.
The bank will also launch a digital corporate banking solution, built on FusionBanking Corporate Channels, to give its corporate clients 24x7 visibility and control over their financial activities.
Operating in Sri Lanka’s fragmented and competitive corporate banking market, Seylan Bank was looking to sharpen its edge. With trade finance being a key priority for customers due to its island economy, the bank is revamping its trade capabilities by bringing new products to market and delivering a more convenient banking experience to speed up access to trade finance for clients.
Kapila Ariyaratne, Chief Executive Officer at Seylan Bank said, “While Sri Lanka is a relatively contained banking market, it is highly competitive, crowded and constantly evolving. Distinguishing ourselves in corporate banking is a way to stay ahead. The implementation of the flexible and agile technology solutions available from Finastra will enable us to go further than our previous system could ever allow - opening new opportunities to streamline operations and drive growth, automating sanctions tracking to support compliance and enabling us to boost customer service through a single platform.”
The Finastra technology will bring greater connectivity to Seylan Bank’s systems, which will enable faster development of innovative new offerings while reducing its paper processes and speeding up processing times. The resulting improvements to workflow productivity, coupled with the ability to offer richer, more accessible corporate banking services, will help Seylan Bank to capture greater market share and drive revenue growth. The bank will be able to deepen relationships with corporate customers, giving them the flexibility to access trade finance from anywhere at any time.
Simon Paris, Deputy CEO at Finastra said, “Seylan Bank aims to deliver fast, relevant solutions and greater convenience to its customers. The ability to outpace the competition by delivering new customer-centric offerings to market via an enhanced experience will see Seylan Bank helping its clients to capture new trading opportunities across the region. The expansion of this valued, long-term relationship with the bank highlights Seylan Bank’s continued trust in Finastra and the capability and potential of our solutions and services.”
Seylan Bank has been a Finastra (previously Misys) customer and user of its core banking solutions for over a decade. It is also upgrading its FusionBanking Equation platform. The move enables the bank to take advantage of innovative retail banking services, improving operational efficiency, ensuring regulatory compliance and supporting Seylan Bank’s growth plans.