Pan Asia Bank moves on to new age Infosys Finacle Core Banking Platform

• Powered by MillenniumIT

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One of the fastest growing commercial banks in Sri Lanka, Pan Asia Bank and MillenniumIT, Sri Lanka’s leading information technology solutions provider and part of London Stock Exchange Group jointly announced that Pan Asia Bank had deployed the new age Infosys Finacle core banking platform and is now fully operational.

The bank replaced its legacy system with this state-of-the-art platform in order to provide its customers with a new paradigm in service excellence and convenience. 

Pan Asia Bank had been experiencing a period of rapid growth, seeing its branch network double since 2011. The Infosys Finacle solution, supported by MillenniumIT not only enabled the bank to facilitate this growth, but also to continue growing apace. The new platform is also able to provide the bank with faster transaction processing times and in-depth customer behavioural data, allowing for better decision making and information management while ensuring enhanced capacity for expansion. The platform’s open architecture allows it to integrate smoothly with other applications, including a host of social media channels.

The new platform also enables Pan Asia Bank to strengthen its capability to meet current regulatory guidelines and gives the bank the flexibility to swiftly comply with any future changes in guidelines; ensuring complete compliance at all times, and providing better control overall.

MillenniumIT Executive Vice President Faiq Faaiz said: “We are delighted to have played the lead role in delivering this game changing ‘Core Banking Platform’ to Pan Asia Bank. This project’s success can be attributed to the manner in which the teams from MillenniumIT and Infosys combined their experiences in banking domain knowledge, system integration, application rollout and project management. This has undoubtedly enabled us to successfully deploy this Core Banking Platform.” Pan Asia Bank Director/CEO Dimantha Seneviratne said: “We are a rapidly expanding bank that thrives on understanding customer requirements and coming up with fast innovative solutions to meet them. It is imperative that we have the support of the best technology available to do this effectively with in-built controls and that is why we have invested in the latest version of world renowned Finacle system supported by MillenniumIT.  

Superior features of the new system will enable us to streamline our operations and offer an enhanced level of customer service. With the right system, people and strategies in place, we are now poised to grow our reach profitably whilst maintaining required controls going forward.”

Finacle is the award-winning universal banking solution suite from Infosys. The Finacle Universal Banking Solutions suite includes core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, wealth management and Islamic banking solutions, among others. 

The solution’s componentised structure and enterprise-class capabilities help banks amplify agility and efficiency of operations, and improve customer experience across channels. Finacle has been rated a leader by various independent analysts, including Gartner, Forrester, CEB Tower Group, Ovum and others. Finacle today powers banks in 84 countries, serving over 16% of the world’s adult banked population.  

Pan Asia Bank, which commenced operations in 1995 has been steadily expanding its footprint in the local banking arena and currently operates with a network of 78 branches across the island. 

Migration to the new core banking platform is expected to support Pan Asia Bank’s growth and product innovation ambitions by optimising the bank’s business processes and enhancing customer service capabilities via introduction of global best practices.