EAP Holdings signs MOU with OpenArc for a Core Banking and Finance Software Solutions



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At the signing of the software contract between EAP Holdings & OpenArc Systems Management (Pvt) Ltd (OSM). From L- R are Vijith Sinhabahu - Director of OSM, Daya Hettiarachchi - Chairman/CEO of OSM, Jeewaka Edirisinghe - MD/Executive Director of ETI, Nalaka Edirisinghe -Executive Director of ETI and Sumathi Kariyawasam - Independent, Non Executive Director of ETI.


 For the first time in the history of finance software industry in Sri Lanka, a local software company signed a MOU with an upcoming commercial bank to supply and implement a 100% local software solution for Core Banking & Finance operations.


This MOU was signed between EAP Holdings Ltd, the leading finance company in Sri Lanka which has been engaged in the finance business for the last 40 years and OpenArc Systems Management (Pvt.) Ltd., a leading Banking & Finance software solutions provider which has been in business for over the last 21 years catering to software requirements of a large number of commercial banks and finance companies in Sri Lanka.


EAP Holdings decided to enter in to this partnership after having enjoyed a close business relationship with OpenArc over many years. OpenArc has already supplied software solutions to EAP group companies such as Swarnamahal Financial services and ETI Finance successfully. According to the present work plan of ETI, the group will amalgamate these two financial institutions and seek a Commercial Bank license to migrate all the systems and operations to a completely new Banking environment.


Through this MOU, OpenArc will not only supply financial software solutions to the group but also will advise the other EAP group companies in the implementation of systems.


EAP Holdings is one of the leading and strongest finance companies registered under the Monetary Board of the Central Bank of Sri Lanka under the Finance Companies Act No. 78 of 1988, and providing its services in the areas of Fixed Deposits, Pawning, Gold Sales, Leasing, Hire Purchase and Property Development.


OpenArc Systems is the No: 1 application software and service provider in Sri Lanka in the Leasing, Merchant Banking & Finance markets where OpenArc holds 75% market share. It has been providing the best support services to its clientele with its life time commitment of developing the local software industry.


The CEO of OpenArc Systems Management, Daya Hettiarachchi said that Sri Lanka has so much of expertise in the banking & finance industry and unmatched talents and skills in software development which someone must use for the development of a 100% local core banking software solution within Sri Lanka and that is what OpenArc is striving for.


He further noted that the local software industry doesn’t have enough entrepreneurship to explore software product development opportunities available in the global marketplace. Many software companies, instead of committing their efforts to long-term development goals, chose the easy path to import foreign software solutions and sell them in the local market for quick profits.


However, these projects carry a high risk of failure when the local vendors do not possess sufficient knowledge to support and provide maintenance services on those products. Therefore it is so unfortunate that almost all local banks depend on foreign software companies to get the support; Mr. Hettiarachchi added.


As a result, every local bank spends millions of dollars every year in order to maintain those foreign software solutions running in their banks. "We, at OpenArc are committed to stop this foreign exchange expenditure by introducing a truly local core banking solution for which we request the fullest support from the industry leaders", Hettiarachchi explained. "My company is commited to this task which is a national endeavor".


OpenArc, with its experience in the software industry over two decades, primarily as a successful product based company, has captured the market leadership in Sri Lanka for their products in many sectors and earned a reputation as a long term quality IT service provider. The recent MOU is a success story of OpenArc’s dedication and commitment to customer support. ETI and Swarnamahal Finance are using OpenArc InBank software application to support its all financial applications for last so many years as two separate business units.


The MOU will bring those companies together and work towards ‘SkyBank’ the new core banking application software for the EAP Holdings. SkyBank is a browser based software solution which caters all the finance requirement of any financial institution such as Commercial banks, Merchant banks, Finance companies etc. Unlike traditional core banking applications SkyBank facilitates with latest technologies like Tablet PCs, POS terminals, Smart phones etc. and it has its built in mobile payments system and many other tools such as SMS engines, Stake Holder portals etc.


Mr. Kariyawasm, CEO of ETI group explained that the ETI group is one of the biggest finance companies in Sri Lanka. After a detailed study of different vendor proposals we decided to go with OpenArc systems particularly because of their industry exposure and close relationship that was maintained over a long period of time in the past; he added.


 
 
 
 
 
 
 
 
 
 
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