Union Bank gets state-of-the-art core banking system

Union Bank of Colombo PLC (UBC) entered into agreement with Silverlake, appointing it as the exclusive provider for the bank’s new state-of-the-art core banking system including the trade module and treasury operations.

This will enable the bank to add further value to improving its management processes and service delivery. An agreement between the Union Bank and Silverlake was signed in Sri Lanka at an event held at the Union Bank Head Office in the presence of Alex Lovell, Chairman of Union Bank and Dr. Kwong Yong Sin, Group Managing Director of Silverlake Axis Limited.

Highlighting yet another phase in the bank’s rapid growth and development plan, Lovell stated: “The new state-of-the-art core banking system places Union Bank at the helm of information technology in the banking industry in Sri Lanka. It will support the bank’s rapid expansion, thus enabling the bank to deliver sophisticated technology driven financial solutions to customers.”  

Also speaking at the event, Anil Amarasuriya, Director/Chief Executive Officer of Union Bank stated: “The new core banking system from Silverlake provides a powerful banking platform that provides highly parameterised, enterprise-wide automation designed for growth. This bank customer-centric system effectively supports dynamic processing requirements by integrating robust core functionality with a number of best-of-suite complementary products and services. Its sophisticated information and transaction processing platform is designed to continuously benefit clients and enhance the core functionality of the bank.”

Union Bank has evolved as one of Sri Lanka’s fastest growing banks focusing on the Small and Medium Enterprises. Synonymous for its technological innovations, Union Bank has launched many firsts in the banking industry in Sri Lanka including internet banking and the recently launched TV banking.

Silverlake is one of the largest and most successful financial and digital economy IT solution providers for banking institutions in Asia.

Dr. Kwong Yong Sin, Group Managing Director of Silverlake, said: “We are delighted to partner Union Bank in this initiative. Our solutions will further enable Union Bank to achieve efficient and effective operations, and position them with a strategic platform for future business needs.”

The new system with its richness in functionality and adaptive features will ensure Union Bank benefit from the capabilities in delivering increased customer value and support its rapid business expansion. Silverlake will implement the core banking system with the assistance of its accredited local agent Just in Time Group.

Silverlake is a leading provider of digital economy solutions and services for the banking and financial services, payments, retail and logistics businesses. It provides comprehensive methods and tools, business applications and integration technologies, implementation and application management services to deliver successful business strategy and operation transformations for its customers.

Silverlake Axis has a proven history in helping financial institutions stay agile. Silverlake is a leading provider of end-to-end universal integrated banking solution to major financial institutions since 1989. Its installed base in Asia and Middle East exceeds 100 customers including 40% of the top 20 largest banks in South East Asia.