Merchant Bank of Sri Lanka in tech overhaul with Fiserv
Merchant Bank of Sri Lanka (MBSL) has signed for Fiserv’s Signature back office system and the Teller front-end solution.
MBSL has around 100,000 customer accounts and 49 branches. Last year, it merged with its two subsidiaries, MBSL Financial Services and MBSL Savings Bank.
Fiserv says the bank needed new technology that was “flexible, scalable and stable”. The vendor says its software will “help streamline operations and simplify customer management and support” at MBSL.
T. Mutugala, chief executive of MBSL, adds that the bank also wanted to bring down the cost of supporting multiple systems.
“Fiserv offered everything we needed with a core banking platform that is proven locally in Sri Lanka and across the globe,” Mutugala states.
In Sri Lanka, Bank of Ceylon (BOC), Commercial Bank of Ceylon and Sanasa Development Bank are Signature’s long-standing users.
Meanwhile, another Sri Lankan financial institution, National Savings Bank, is in system selection mode for a new core system.
MBSL is a rare new win for Fiserv’s Signature on the international arena. The system has an established customer base of around 100 banks worldwide, but the new sales have been scarce over the last decade.
There has been some traction in the UK, however. Thinkmoney, Tandem Bank and the Association of British Credit Unions (ABCUL) signed for Signature, although the latter project is experiencing difficulties.