Sri Lanka’s Bank of Ceylon to install new core banking system at a cost of $10mn

Cabinet approves procurement for new US$10 million core banking system at Bank of Ceylon

The Cabinet of Ministers has approved the procurement process to establish a new Core Banking System at the Bank of Ceylon (BOC), replacing its existing banking platform that has been in use for more than 22 years. The current International Comprehensive Banking System supports the bank’s retail and corporate operations, including its overseas branches. However, it has been identified that the system’s features, functions, and technology are no …

Sri Lanka’s Bank of Ceylon to install new core banking system at a cost of $10mn

ECONOMYNEXT – Sri Lanka’s state-owned Bank of Ceylon will spend 10 million dollars to install a new core banking system, with the cabinet approving a proposal to call for tenders, minister Nalinda Jayatissa said. The new system is to be installed within 5 years.  The bank’s current International Comprehensive Banking System has been in use for 22 years, and is used in the lender’s retail and corporate business, including its branches abroad. “It…