OpenArc Automates HDFC with ‘SkyBank’



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At the signing of the software contract between HDFC Bank (HDFC) and OpenArc Systems Management (Pvt) Ltd., (OSM) : From left are: Firaaz Fysal – Head of Sales and Marketing, Dr. Preethi Wanasinghe – Chief Operating Officer, Daya Hettiarachchi, Chairman/CEO of OSM,. Nimal J. B. Mamaduwa - General Manager/CEO, W. M. A. Bandara - Chief Information Officer, A. M. Adikary - Senior Manager-IT, Manjula Dissanayake – Head of Credit and Kasun De Silva - Senior Manager- IT, HDFC Bank.


Housing Development Finance Corporation Bank of Sri Lanka (HDFC) was incorporated by the Government of Sri Lanka with primary objective of providing housing finance credit facilities and ancillary services within the scope of operation enacted by the Act.


The corporation was originally established as a Building Society in 1984 and converted to a Public Corporation under the provision of Housing Development Finance Corporation Act No 07 of 1997 and obtained the status of a Licensed Specialized Bank (LSB) in 2003 , under the Housing Development Finance Corporation amended Act No. 15 of 2003 and No 45 of 2011. The ordinary shares of the Bank were listed at the Colombo Stock Exchange (CSE) in 2005.


With the fast growth of the industry, HDFC is expanding its business in to Finance Leasing business sector in line with their business strategy. HDFC has selected the "SkyBank" of OpenArc as the preferred software solution to support its Finance Leasing business after a comprehensive evaluation of available products through a standard RPF tender.


OpenArc Systems is the No: 1 application software and service provider in Sri Lanka in the Leasing, Merchant Banking & Finance markets and OpenArc holds 75% market share in Sri Lanka. OpenArc is determined to provide the best support services to its clientele with its life time guarantee. This has been possible with its very strong human resource pool that has been built up by OpenArc through its own IT Education arm; OpenArc School of Business & Technology.


"As a part of our diversification programme, Finance Leases is a priority area. HDFC Bank has already obtained approval from the Central Bank of Sri Lanka to carry out finance lease and we are in the process of finalizing all arrangements to commence this product in September 2013.We consider the tie-up with OpenArc Sky Bank Solution is unique as they are the pioneers in the market with application solution and service provider and we are confident that we could maintain a strong partnership in the long term", said Nimal Mamaduwa, General Manager/CEO of HDFC Bank.


OpenArc Systems CEO, Daya Hettiarachchi said that with the experience in the software industry for over two decades, primarily as a successful product based company, OpenArc 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. OpenArc specializes in business software for Merchant Banking & Finance, Stock markets, Manufacturing & Trading sectors and develops totally integrated Sri Lankan software solutions on current technology platforms such as Java, Net, Progress and Open Source.


OpenArc is a CMMI Assessed software company with a professional team qualified in multi-disciplinary industrial sectors such as Engineering, IT, Accountancy and Management.


 
 
 
 
 
 
 
 
 
 
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