Alliance Finance signs deal with OpenArc to launch BankFair.lk digital banking solution

Representatives of the two companies are seen exchanging the agreement after the signing event that took place in the Head Office of Alliance Finance. From left: Alliance Finance Senior Manager Marketing and Branding Lushan Perera, Alliance Finance Chief Commercial Officer Ajantha Kumara, OpenArc General Manager – Software Prabhath Nedurana, OpenArc Head of Cloud Developments Akila Delapalage 

Alliance Finance PLC, one of the oldest and largest finance companies in Sri Lanka with a country wide branch network, recently signed the agreement with OpenArc Systems Management Ltd., to launch BankFair.lk, the digital banking solution for customers on boarding. 

BankFair.lk is a new digital platform developed by OpenArc Systems Management Ltd., for handling of customers’ requests to Banks and other Financial Institutions (BFIs), for facilities such as Loans, Leases and deposits etc. 

BankFair.lk is the first of its kind in Sri Lanka with a number of unique features. Anyone looking for a financial facility can make requests for the facility on the platform 24 X 7 irrespective of the place where the applicant is. 

The facility could be any type of a loan, lease or a deposit. Marketing officers of the BFIs that have been registered with BankFair.lk platform will instantly receive the submitted requests through the platform which is running on cloud and managed by its service provider OpenArc Systems Management Ltd. BankFair.lk provides an ample market place for the BFI to meet customers digitally,  discuss requirements, perform the initial screening, negotiate and recommend the prospective customers to the BFI’s Core System to grant the facility without any additional marketing effort or cost.

OpenArc Systems Management Ltd. Chairman/Chief Executive Officer Daya Hettiarachchi commended Alliance Finance PLC, which has been a customer of OpenArc since 2001 running OpenArc’s client-server model finance software system, InBank, for selecting the right on-line platform for onboarding customers.  

Commenting on the concept, a spokesman for OpenArc said that Daya Hettiarahchi who conceived the concept was keen to develop a totally digitalised solution starting with BankFair.lk, for the banking and finance sector which OpenArc has been serving as a highly reliable software solution provider for more than 30 years continuously, to facilitate financial institutes and the entire community to come together on a single very user friendly on-line platform. BankFair.lk fulfilled the long felt need of the banking and finance community to have a digital platform of its kind, the spokesman for OpenArc remarked. Commenting on the cost, BFIs can register with BankFair.lk totally free of charge, the spokesman for OpenArc said.