Sanasa Development Bank implements new loan origination system
Sri Lanka © Wikipedia
Sanasa Development Bank in Sri Lanka is automating its front-office lending software. The bank is going to implement a new end-to-end platform for loan origination, mobile loan origination and collections.
The bank issued a request for proposal (RFP) at the end of last year to find the new system and the supplier. The bidding process closed in Q1 2016, Banking Technology understands.
Sanasa Development Bank has 82 branches across Sri Lanka and over a million customers. It has a centralised core banking solution, Signature, provided by US-based Fiserv. This project was carried out back in 2009.
The new lending origination system will interface to Signature as well as other relevant applications, including the GL, credit bureau and card systems.
It will support consumer, auto and gold loans, mortgages and loans to SMEs.
According to the bank, the supplier will receive 30% of the payment at the contract sign-off. The next 20% will come at the successful completion of the current state assessment, gap analysis and systems requirement specifications (SRS) sign-off. Once the user acceptance testing (UAT) is completed, the next 30% instalment will be paid. The final 20% will be released once the new system is live in production environment.
