One of the fastest growing commercial banks in Sri Lanka, Pan Asia Bank and MillenniumIT, Sri Lanka’s leading information technology solutions provider and part of London Stock Exchange Group jointly announced that Pan Asia Bank had deployed the new age Infosys Finacle core banking platform and is now fully operational.The bank replaced its legacy system with this state-of-the-art platform in order to provide its customers with a new paradigm in service excellence and convenience.

Pan Asia Bank had been experiencing a period of rapid growth, seeing its branch network double since 2011. The Infosys Finacle solution, supported by MillenniumIT not only enabled the bank to facilitate this growth, but also to continue growing apace. The new platform is also able to provide the bank with faster transaction processing times and in-depth customer behavioral data, allowing for better decision making and information management  while ensuring  enhanced capacity for expansion. The platform’s open architecture allows it to integrate smoothly with other applications, including a host of social media channels.

The new platform also enables Pan Asia Bank to strengthen its capability to meet current regulatory guidelines, and gives the bank the flexibility to swiftly comply with any future changes in guidelines; ensuring complete compliance at all times, and providing better control overall.

Faiq Faaiz, Executive Vice President, MillenniumIT said: “We are delighted to have played the lead role in delivering this game changing ‘Core Banking Platform’ to Pan Asia Bank.  This project’s success can be attributed to the manner in which the teams from MillenniumIT and Infosys combined their experiences in banking domain knowledge, system integration, application rollout and project management. This has undoubtedly enabled us to successfully deploy this Core Banking Platform.”

Dimantha Seneviratne, Director/CEO, Pan Asia Bank said: “We are a rapidly expanding bank that thrives on understanding customer requirements and coming up with fast innovative solutions to meet them. It is imperative that we have the support of the best technology available to do this effectively with in-built controls and that is why we have invested in the latest version of world renowned Finacle system supported by MillenniumIT. Superior features of the new system will enable us to streamline our operations and offer an enhanced level of customer service. With the right system, people and strategies in place, we are now poised to grow our reach profitably whilst maintaining required controls going forward.”

Finacle is the award-winning universal banking solution suite from Infosys. The Finacle Universal Banking Solutions suite includes core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, wealth management and Islamic banking solutions, among others. The solution’s componentised structure and enterprise-class capabilities help banks amplify agility and efficiency of operations, and improve customer experience across channels. Finacle has been rated a leader by various independent analysts, including Gartner, Forrester, CEB TowerGroup, Ovum and others. Finacle today powers banks in 84 countries, serving over 16% of the world’s adult banked population.

Pan Asia Bank, which commenced operations in 1995 has been steadily expanding its footprint in the local banking arena and currently operates with a network of 78 branches across the island. Migration to the new core banking platform is expected to support Pan Asia Bank’s growth and product innovation ambitions by optimising the bank’s business processes and enhancing customer service capabilities via introduction of global best practices.

About MillenniumIT: MillenniumIT is the power behind many of the world’s financial markets. MillenniumIT's pre- to post-trade, multi-asset, ultra-low latency, agile technology infrastructure supports the trade lifecycle for more than 40 financial institutions and financial services firms around the world.

The MillenniumIT solution suite includes ultra-low latency trading platform Millennium Exchange™, the Millennium SOR™ smart order router; Millennium MarketData™, Millennium Surveillance™, and the integrated clearing, settlement and depository solution Millennium PostTrade™. Underpinning all of these solutions and providing the core integration layer is the Millennium Advanced Platform™ (MAP™).

Clients include Aequitas, BorsaItaliana, HKEx, Johannesburg Stock Exchange, London Metal Exchange, London Stock Exchange Group, Singapore Exchange, Toronto Stock Exchange, TullettPrebon and Turquoise.

Founded in 1996 and head-quartered in Sri Lanka, MillenniumIT is a fully-owned subsidiary of the London Stock Exchange Group.

About Pan Asia Bank: Pan Asia Bank, which commenced operations in 1995 has been steadily expanding its footprint in the local banking arena and currently operates with a network of 78 branches across the island. The bank has recorded an impressive growth since inception and during the last few years, the bank doubled its asset portfolio and tripled its gross income. In terms of physical expansion, the bank has doubled both the branch network and staff strength during the same period.

Pan Asia Bank has also earned a strong reputation as a bank that has consistently offered true value added products to the Sri Lankan market over the years.

Pan Asia Bank was recently recognised by London based Global Banking and Finance Review as the ‘Fastest Growing Commercial Bank in Sri Lanka 2014’. In addition, Pan Asia Bank’s ground breaking product ‘Sammana’, the specialised banking product for senior citizens was recognised as the ‘Most Innovative Banking Product in Sri Lanka 2014’.

About London Stock Exchange Group: London Stock Exchange Group (LSE.L) is a diversified international market infrastructure and capital markets business sitting at the heart of the world's financial community. The Group can trace its history back to 1698.

The Group operates a broad range of international equity, bond and derivatives markets, including London Stock Exchange; BorsaItaliana; MTS, Europe's leading fixed income market; and Turquoise, a pan-European equities MTF. It is also home to one of the world’s leading growth markets for SMEs, AIM. Through its platforms, the Group offers international business and investors’ unrivalled access to Europe's capital markets.

Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of multi-asset global CCP operator, LCH.Clearnet Group, LSEG operates CC&G, the Italian clearing house; Monte Titoli, the T2S-ready European settlement business; and globeSettle, the Group’s newly established CSD based in Luxembourg.

The Group is a global leader in indexing and analytic solutions. FTSE and Russell Indexes offer thousands of indices that measure and benchmark markets around the world.  The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, Proquote and RNS.

Following the acquisition of Russell Investments, LSEG conducted a comprehensive review of the investment management business to analyse its strategic fit with the Group. This was concluded in February 2015, and LSEG is now exploring a sale of the business in its entirety.

London Stock Exchange Group is a leading developer of high performance trading platforms and capital markets software for customers around the world. In addition to the Group’s own markets, over 35 other organisations and exchanges use the Group’s MillenniumIT trading, surveillance and post trade technology.

Headquartered in London, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.

Further information on London Stock Exchange Group can be found at www.lseg.com