Commercial Bank, HNB select Providence, WKFS to implement SL’s first IFRS systems
Wednesday, 1 April 2015 22:26
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Sri Lanka’s largest private commercial banks, Commercial Bank Plc and Hatton National Bank Plc, have both selected the internationally-renowned OneSumX Finance solution for implementation of IFRS at their respective institutions.
This implementation will position Commercial Bank Plc and Hatton National Bank Plc as the first Sri Lankan banking institutions to be completely compliant with international reporting standards as per the IFRS global standard.
Commercial Bank of Ceylon Plc Managing Director Jegan Durairatnam said: “The Commercial Bank of Ceylon was one of the pioneers in adopting SLRFS (IFRS), the single global financial reporting language. This was in keeping with our leadership in compliance and our international footprint. With our partnership today with WKFS and Providence, we enter a new era in financial reporting that will further enhance our international reputation, befitting our position as one of the top 1000 banks in the world.”
“HNB and CBC are delighted to partner on the occasion of the signing of the first-ever globally-accepted IFRS solution in Sri Lanka. At HNB we have always established the highest financial reporting standards. We pioneered the transition to IFRS reporting in 2012 and after a comprehensive review identified Wolters Kluwer as the strategic partner for the provision of a best-in-class automated solution that suits our diversified business model and long-term strategic priorities,” said, Managing Director/CEO, Hatton National Bank Plc, Jonathan Alles.
Wolters Kluwers Financial Services is one of the largest providers of financial services worldwide with over 180 sites running their IFRS software solutions and many reference sites in Asia.
Apart from IFRS, WKFS has over 1,500 customers in Finance, Risk and Compliance globally making it one of the largest providers of banking and financial reporting software solutions worldwide. OneSumX solution implements the latest reporting standards for banking institutions and is compliant with SLFRS standards which are now mandatory for reporting with the Central Bank of Sri Lanka.
“IFRS reporting implemented by Commercial Bank and HNB will give them global recognition and acknowledgment. Selecting WKFS and Providence as the product and implementation partners ensures successful deployment of a critical solution,” said Director Providence Holdings Ltd., Dr. Vaz S. Gnanam
Director, Providence Holdings Ltd., Raj K. Omprasadham said: “History is being created today in Sri Lanka with the first IFRS agreements being signed with two leading banks simultaneously. Our nation is truly stepping into the global financial community.”
Providence is a leading service provider of software solutions expertise with close to a decade of experience in integrated systems. Providence and WKFS have conducted many workshops on understanding the basis of the implementation of IFRS in terms of local banking products and regulations over the last three years.
The solution team is well-versed in the regulatory requirements of the Central Bank of Sri Lanka and has catered to various knowledge-sharing sessions through seminars and product presentations to cater to SLFRS compliance.
In-house certified specialists in the implementation of IFRS for banks allow the team at Providence to deliver the latest financial reporting standards to local banks and support them in the process.
Managing Director – WKFS, APAC Chris Pyup said: “Wolters Kluwer Financial Services is very excited to help Sri Lankan banks adapt to international Accounting Standards. By doing so it creates global transparence and access to international capital markets. This will help fuel the Sri Lankan economy in its aggressive growth plans. I feel honored that we are chosen together with our local partner Providence on the basis of our subject matter, expertise and best practices, having done similar projects all around the globe. International standards will always continue to change and it is our obligation to the financial community to make sure that our solutions always correspond with those latest standards. We are here for the long run.”
Wolters Kluwer Financial Services helps organisations around the world manage risk and compliance and grow safely and profitably by providing software, expertise and services to help them make critical business decisions.
Powered by more than 400 regulatory experts and using deep industry intelligence gained from working with the world’s top banks, OneSumX has been exclusively designed for the financial services industry.
OneSumX is a suite of solutions that connects governance, finance, risk and compliance, allowing for the multidisciplinary management of complex risks and issues. With OneSumX, governance and compliance become critical inputs into strategic decision-making through their relation to financial and performance metrics.
