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 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 longer sufficient to meet the bank’s current operational requirements. Following approval by the Bank of Ceylon’s Board of Directors, the bank will proceed with procuring a new Core Banking System instead of upgrading the existing platform. The Cabinet approved a proposal submitted by President Anura Kumara Dissanayake, in his capacity as the Minister of Finance, Planning and Economic Development, to commence the procurement process to select a suitable service provider. The new system will be implemented over a five-year period at an estimated cost of US$10 million, funded by the Bank of Ceylon. (Newswire)