SDB bank Enhances Operational Efficiency and Continuity through Expanded Fiserv Relationship
First bank in Sri Lanka to upgrade to the latest Signature® core banking platform from Fiserv
Colombo, Sri Lanka – SDB bank has expanded its long-term relationship with Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, upgrading its core banking platform and teller solutions and reinforcing its commitment to financial inclusion and micro, small and medium enterprises (MSMEs) through the delivery of an enhanced customer-first banking experience.
Known for the unique savings and wealth creation initiatives provided to a sizeable MSME customer base, SDB bank has prioritized enabling its customers to connect with cutting edge digital solutions.
“As a bank with strong roots across Sri Lanka’s rural and urban communities, we are committed to driving digital innovation and transformation that empowers these communities”, says Thilak Piyadigama, CEO of SDB bank. “Digital transformation forms the core of our operations and enables us to connect seamlessly with our customers.”
Fiserv has been supporting SDB bank since 2010, when the bank initially implemented transaction processing and branch teller functionality on the Signature platform from Fiserv, moving to a modern and flexible account processing solution.
SDB bank is incorporating the unique features of the Fiserv core banking platform to enhance its trailblazing digital banking and operational capabilities. The enhancements are also expected to augment the capacity of the bank’s digital footprint, driving greater engagement across sectors and a diversified customer base.
The latest Signature core banking platform offers multicurrency and multi-entity features that support complex financial environments for all channels including tellers, branches, internet banking, mobile banking, ATMs, point-of-sale (POS) and back office. The modern micro services layer provides API-enabled integration capabilities with external applications in a flexible and efficient manner, helping accelerate the roll out of new products to the market. And the solution framework allows continuous deployment of new functionalities while the system is still online, minimizing the need and impact of a full system upgrade.
“Financial institutions across the globe are seeking flexible technology that allows them to quickly and effectively respond to digitization and rapidly evolving customer needs,” says Rishi Chhabra, General Manager of India and Sri Lanka at Fiserv. “SDB bank is committed to digital transformation to help their customers better manage their finances, a particularly important consideration as businesses look to regain their footing after the COVID-19 pandemic, and is putting the technology in place to fulfill that commitment.”
A flexible and service-oriented architecture (SOA) based solution, Signature supports a multitude of financial products from savings and term deposits to current accounts, loans, overdrafts, mortgages, imaging, document management and card products. The solution has been well known in the Sri Lankan financial services sector for over 20 years and comes equipped with capabilities that match the specifics of the Sri Lankan banking and regulatory environment.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com/en-ap.
About SDB bank
SDB bank is a licensed specialized bank regulated by the Central Bank of Sri Lanka, maintaining 94 branches islandwide and over 5000 inter-bank network ATM points, offering a contemporary range of banking plus financial services to its SME, Retail and Business banking clients. Guided by its maxim ‘Where you’re valued’, plus the bank’s reputation as the apex entity in the development banking and SME space, a sector accounting for a substantial 50% of Sri Lanka’s total GDP, the bank offers equal support to individual, business-oriented, and development-focused goals, transcending what is purely transactional and valuing each customer for their uniqueness as individuals.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500 and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.
