Bank of Ceylon Selects Misys BankFusion Universal Banking to Meet its Expansion Goals

LONDON, September 30, 2010 /PRNewswire-FirstCall/ -- Misys plc (LSE: MSY), the global application software and services company, today announces that Bank of Ceylon (UK) Ltd has chosen Misys BankFusion Universal Banking to ensure that its growth plans were supported by the latest financial services technology.

Bank of Ceylon in the UK was an international branch of the Sri Lanka state-owned Bank of Ceylon until early 2010 when the bank was granted a UK licence. The business will be the hub for the bank's expansion programme both in volumes and new geographies to service overseas Sri Lankans.

The bank evaluated several systems on the market from a number of banking solution providers. It has benefited from using Misys Bankmaster for several years and needed a solution that had the flexibility to allow the bank to grow its business. The upgrade to BankFusion Universal Banking provides a migration path from Bankmaster which minimises the risk of the change to the bank.

As well as upgrading the core banking solution, Bank of Ceylon (UK) Ltd licensed Misys TI Plus for trade finance processing, Message Manager for payments and messaging and the innovative Misys Personal Finance Portal for its consumer customers.

Being more responsive to customers is a key imperative for the bank. "We decided to invest in the latest solution from Misys at this exciting time for us," states Cyril Madadeniya, Chief Executive Officer of Bank of Ceylon (UK) Ltd. "We can now expand our business and ensure we provide better service to our clients, delivering new products to the market more quickly. The new technology will allow us to deliver to our customers the services that they require and we shall be able to expand our position as bank of choice for Sri Lankan nationals and businesses in this country. Furthermore, BankFusion will also allow us to progress with the planning of an overseas network. We are of course delighted to align ourselves strategically with Misys who have supported the bank's core systems infrastructure for many years."

Misys BankFusion Universal Banking provides banks with the flexibility to add new products and processes. Crucially it integrates seamlessly with other systems and services and gives Bank of Ceylon (UK) Ltd a cost effective way to achieve a rapid return on investment through reduced hardware, software, deployment and operational costs.

Amar Naher, Director, Global Business Development, BankFusion, adds, "We are very excited that our long standing relationship has moved to the next level. Bank of Ceylon (UK) Ltd joins other forward-looking customers that are taking advantage of the next generation of core banking solution to grow their business internationally, underpinned by BankFusion. Misys is looking forward to collaborating with Bank of Ceylon (UK) Ltd in achieving their goals."

Misys' ability to demonstrate project delivery with lower risk and rapid deployment was critical in the agreement. BankFusion Universal Banking's capabilities were closely aligned with the bank's business plan of increased volumes and expansion programme outside the UK.

The solution architecture and components of BankFusion Universal Banking enable Business Managers to engage with their IT colleagues using business, rather than technical terms. BankFusion allows business staff to understand how their requirements are implemented across the solution, enabling new products to be delivered more quickly and cost-effectively and helping to bridge the gap between Business and IT.

About Bank of Ceylon (UK) Ltd

The Bank of Ceylon (UK) Ltd was incorporated in the UK in 2008 to take over the business of the London Branch of the Bank of Ceylon which had been operating since 1949. In April 2010 the FSA authorised the Bank to conduct banking business in the UK and the Branch's business and accounts were transferred to the Bank of Ceylon (UK) Ltd on 1st May 2010.

About Bank of Ceylon

The Bank of Ceylon was founded in 1939. Two years later in 1941 its first domestic branch was opened in Kandy, the former capital of Sri Lanka. In 1949 the Bank opened its first overseas branch in London.

The Bank was nationalised in 1961 to facilitate the national development efforts and is 100% owned by the State of Sri Lanka. It is the largest Sri Lankan bank with an island wide network of 305 branches and two overseas branches (Male in the Maldives and Chennai in India). The Bank of Ceylon operates a number of subsidiaries within Sri Lanka and fully owns the Bank of Ceylon (UK) Ltd.

About Misys plc

Misys plc (LSE: MSY), provides integrated, comprehensive solutions that deliver significant results to financial services organisations. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.

Misys is a market leader banking and treasury & capital markets, with over 1,200 customers, including all of the world's top 50 banks. Misys employs around 3,500 people who serve customers in more than 120 countries.

We aspire to be the world's best application software and services company, delivering results for financial services industry throughout the world.

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    Contact us today, visit: http://www.misys.com

    For further information please contact

    Edward Taylor
    Global Head of Public Relations
    Misys
    Solutions for Banking and Treasury & Capital Markets
    +44(0)20-3320-5530
    [email protected]

    Sebastian Mathews
    Financial Dynamics
    +44(0)207-269-7158
    [email protected]

SOURCE Misys plc