CB awards Treasury Management System contract to Just In Time Holdings, CCK Financial Solutions

The Central Bank of Sri Lanka through the Monetary Board entered into a contract with Just In Time Holdings and CCK Financial Solutions Ltd. (CCK) of Australia, for the supply, installation, commissioning and maintenance of a Treasury Management System.

In view of the growth of the foreign exchange reserves of the country, the Central Bank of Sri Lanka (CBSL) had embarked on a modernisation project at the International Operations Department, which conducts the international reserves management activities.

This process entails the modernisation of the dealing room which includes the procurement of a modern Treasury Management System.  This would facilitate the smooth operations of the foreign exchange transactions carried out by CBSL and enable the expansion of the scope and extent of the reserves management activities.

Guava Suite – CCK’s treasury management and wholesale banking system – will be used to manage CBSL’s entire treasury operation, covering dealing, risk management, settlement, accounting and reporting.  The system will also be used for CBSL’s international reserve management activities. Just In Time Holdings (JIT) is the system integrator as well as local support provider once the system is live

Joseph Wong, Managing Director of CCK, said: “We are delighted that CBSL has selected Guava as its Treasury Management System in reserve management activities.  This sale follows on our success with the Central Bank of the Philippines. CBSL went through a very stringent evaluation process, including a request for proposal covering its requirements in detail, then a detailed proof of concept.”

Just In Time Holdings, a member of the Just In Time Group, a wholly-owned Sri Lankan company, is in the forefront as an IT systems integrator of many trail blazing projects in Sri Lanka. the common card and payment switch project at Lanka Clear Ltd. and the core banking project at Union Bank were key projects it supported in the recent past.

Just In Time Holdings was also the local implementation and support partner to Logica for the Real Time Gross Settlement (RTGS) system and the Scripless Securities System, which has been in operation for over 12 years at Central Bank.

Chief Operating Officer of JIT Chrishan Mendis said: “Convincing, comprehensive end to end (front, middle and back office) functionality very well demonstrated throughout a rigorous evaluation process, 25 years of experience in the domain, rapid upgrade flexibility, success stories from many commercial banks worldwide also using the Guava Treasury solution made it a right solution to position for Sri Lanka. As a systems integrator we have many success stories with well supported mission critical systems at our customer sites including at Central Bank of Sri Lanka. We excel in this type of long term partnering to leverage the efficiency of our important customers who in return will give higher returns to their stakeholders.”

Central Bank of Sri Lanka International Operations Department Director H.A. Karunaratne indicated that the new system would enhance the efficiency of operations and facilitate the expansion of the scope and extent of the international reserve management activities over the medium to long-term.

Guava is a fully integrated suite of front to back office treasury application, which provides users with effective straight through processing. The suite of products cover dealing (including pricing of financial products, portfolio analysis and deal capture), risk management (including limit management, computation of value at risk and compliance reporting) operations (including confirmations and settlement) and accounting.