RDB customers to benefit from new state-of-the-art core banking system

Regional Development Bank (RDB), Sri Lanka’s largest development bank and the bank with the third largest branch network in the country announced that it had signed an agreement with MillenniumIT, a leading technology solutions provider and a member of the London Stock Exchange Group and Polaris Software, a leading global financial technology solutions company, to provide RDB with a state-of-the-art core banking solution, the Intellect suite of products.

The implementation of Intellect core banking solution will address the acute need for RDB to provide better banking services to meet the challenges of its 3.5 million customers in a fast changing and rapidly progressing economy and support the bank in its vision to be a catalyst in this development programme, particularly in the rural economy by providing most appropriate solutions to priority sectors.

The customers of the bank will benefit from better banking facilities as a result of this automation, and they will save time and money whilst banking at their convenience.

The Intellect product suite supports a wide spectrum of banking operations ranging from basic core modules, general ledger, operational accounts, deposits, loans and advances, leasing, counter operations and remittances, to other more specialised modules such as pawning, debentures, securitisation, loan origination, integration middleware, MIS and analytics, audit trail and access control with single sign-on.

RDB Chairperson Janaki Kuruppu said: “We are finally able to meet a long-felt need of the bank. Our bank even though was computerised; the six regions were not interlinked up to now. With this core banking solution we will be able to link all 253 branches and service centres and thereby give a more efficient and convenient service to the customers and improve our productivity as well. We have partnered with MillenniumIT, a leading technology solutions company in Sri Lanka along with Polaris, a leading software provider in India to bring a state of the art solution to the bank.”

The Executive Vice President and Geography Head, Indian Sub Continent, Middle East, and Africa (IMEA) of Polaris Software Company K. Srinivasan said: “We are delighted that RDB chose Intellect CBS for this modernisation programme leading to enhanced technology efficiency and business throughput.

It is a landmark deal and establishes the acceptance of Intellect CBS as the modern Core Banking solution.”

Faiq Faaiz, Executive Vice President of Millennium said: “We are delighted that RDB have partnered with us, together with Polaris to provide the bank with its core banking solution.  The MillenniumIT team are experienced in implementing and managing key core banking infrastructure solutions for several large financial institutions across the country and we look forward to working with both teams to successfully implement this project of national importance as its implementation will help develop the rural economy.”

Regional Development Bank was formed in May 2010, Amalgamating the six Development Banks Ruhuna, Kandurata, Uva, Wayamba, Rajarata and Sabaragamuwa that had a 25 years long and successful existence in the country. RDB, the 100% Government owned bank is committed to empower Sri Lankans through their innovative deposit schemes and development loan schemes which are being patronised mainly by the rural, semi urban and urban small and medium scale entrepreneurs, farmers, fishermen, industrialists and other segments of society.