Commercial Bank and Hatton National Bank sign up to use leading solution for IFRS
Sri Lanka’s two largest private commercial banks – Commercial Bank of Ceylon PLC (CBB) and Hatton National Bank PLC (HNB) – have signed up to use the OneSumX Finance solution developed by Wolters Kluwer Financial Services. The firms will use the solution for the implementation of IFRS in their respective institutions, as they become the first banks in the country to become compliant with the international reporting standards.
OneSumX is a suite of solutions that connects governance, finance, risk, and compliance, allowing for the multidisciplinary management of complex risks and issues. OneSumX for Finance supports financial institutions in their strategic planning, budgeting and forecasting through industry-acclaimed simulations and analytics.
In Sri Lanka, Wolters Kluwer Financial Services has teamed up with Providence Global, a software and consulting provider, for the distribution of its solutions locally.
“Wolters Kluwer Financial Services is excited to help Sri Lankan banks adapt to international accounting standards. This will help fuel the Sri Lankan Economy in its aggressive growth plans,” said Chris Puype, managing director for Asia Pacific at Wolters Kluwer Financial Services. “I am honored that we have been chosen by these leading banks, together with our local partner Providence, on the basis of our subject matter expertise and best practices.”
The OneSumX Finance solution supports the latest reporting standards for banking institutions and these are compliant with Sri Lanka International Financial Reporting Standards (SIFRS), which are now mandatory for reporting with the Central Bank of Sri Lanka.
“Commercial Bank was one of the pioneers in adopting SIFRS, the single global financial reporting language,” said Jegan Durairatnam, managing director, Commercial Bank of Ceylon. “This was in keeping with our leadership in compliance, and our international footprint. With our partnership today with Wolters Kluwer Financial Services and Providence, we enter a new era in financial reporting that will further enhance our international reputation.”
“HNB is delighted to sign up for the first ever globally accepted IFRS solution in Sri Lanka. At HNB we have always established the highest financial reporting standards,” added Jonathan Alles, managing director and CEO at HNB. “We pioneered the transition to IFRS reporting in 2012 and, after a comprehensive review, identified Wolters Kluwer Financial Services as the strategic partner for the provision of a best in class automated solution that suits our diversified business model and long-term strategic priorities.”
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2014 annual revenues of €3.7 billion ($4.9 billion), employs 19,000 employees worldwide, and maintains operations in over 40 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
Providence is a dynamic
software engineering, business consulting and
IT services provider enabling clients to leverage expertise in the IT and consulting arenas. With a proven track record in delivering high quality software engineering products and services using our industry renowned delivery model.
Providence partners with clients and help them achieve their business and IT needs right from the start to the end of the project lifecycle. Providence brings the best ideas and skills right to clients’ door step through expertise and a team of qualified consultants.