Sri Lanka-based Sanasa Development Bank has implemented Fiserv's Signature bank platform and Teller solution. The bank moved completely from a non-branch banking system with standalone back office processes to new account processing solution in nine months.
According to Fiserv, the Signature bank platform has been in place for more than 15 years in Sri Lanka and has feature-specific capabilities for the Sri Lankan banking and regulatory environment.
Signature is a flexible, service oriented architecture (SOA) based solution that supports savings and term deposits, current accounts, loans, sophisticated overdraft and agreed credit arrangement (ACA) processing, mortgages, collections, trade finance, treasury, insurance, imaging, document management and card products.
The conversion to Fiserv solutions is expected to allow the bank to put more efficient processes in place and enhance the customer experience through streamlined services. Future products and services can be added easily to the platform.
The bank is now using Signature and Teller in flagship and new branches, including a fully operational Jaffna branch, and is converting other branches on a rapid, self-scheduled timeline.
PA Kiriwandeniya, chairman of Sanasa Bank, said: “We selected Fiserv because they are a proven, robust account processing solution integrated to a broad range of best of breed financial services solutions.
“Our customers will benefit from this implementation by our increased ability to provide services quickly and efficiently and to easily add new products to meet their needs. The implementation of the core system will also help us to achieve our future expansion.”