LinearSix, a leading Fintech solutions provider, along with Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY) today announced successful implementation of Infosys Finacle Core Banking Solution for Siyapatha Finance PLC, a leading finance company in Sri Lanka. Furthermore, LinearSix also utilized one of its own innovative solutions, LIME, to enhance the internal user experience for Siyapatha Finance and bring efficiencies to their debt collection operation through digitalization. LinearSix, a business partner of Finacle in Sri Lanka, led the solution’s implementation and continued with after sales services and improvements to the system. With its in-depth understanding of local banking practices and experience in implementing Infosys Finacle, LinearSix helped ensure accelerated delivery to the customer.
The flexibility of leveraging this solution from Infosys Finacle, on open stack, has enabled Siyapatha Finance to develop and launch products faster, to meet rapidly changing customer needs, with a significantly reduced total cost of ownership. This collaboration also allowed Siyapatha Finance to achieve a seamless ecosystem of connectivity during the pandemic, while providing world-class banking experience for their customers, maintaining the required compliance and security requirements.
The Finacle Core Banking Solution has allowed Siyapatha Finance to achieve considerable automation in front and back-office operations, thereby reducing manual effort and optimizing various digital processes. The modules implemented include savings, loans, term deposits, overdraft accounts and payments; this has enabled the automation of several processes, particularly in loan origination, significantly improving operational efficiency and productivity. The Finacle solution suite runs on an open stack, comprising of Linux operating system, JBoss Application Server and EDB Postgres database.
With a broad suite of open API (Application Programming Interface), Siyapatha Finance can effectively implement impactful technology-led financial and banking strategies and easily collaborate with its external ecosystem. The in-built product factory capability has enabled them to rapidly launch new innovative product offerings in response to emergent market opportunities. Tailored dashboards and reports enable a comprehensive 360-degree view of customer behavior and preferences, thereby facilitating relationship managers to engage customers with personalized services.
Ananda Seneviratne, Managing Director, Siyapatha Finance PLC, said, “With the new generation Infosys Finacle platform, we are able to understand our customers’ needs better and make financial services simpler for them. With the smooth implementation of the innovative platform which was enabled by LinearSix we can improve experiences our customers enjoy and create new pathways for revenue growth. Through this partnership we have reached our objectives of operational efficiency and achieved our mission of contributing to socio economic inclusion over the past few years.”
Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, “Non-banking financial companies (NBFCs) play an important role in the Sri Lankan economy and hold great potential to drive innovation in the BFSI industry. Staying competitive requires NBFCs and banks to do more with less. With this implementation of Infosys Finacle on an open stack, Siyapatha Finance is empowered with greater agility and flexibility, at a highly competitive cost of ownership, to roll out new digital business initiatives and offer world class services to their customers.”
Mario Gooneratne, Chief Executive Officer, LinearSix, said, “Our existing collaboration with Infosys Finacle and our commitment to implement and monitor this solution at Siyapatha Finance has helped them attain their planned business objectives of growth and business agility. We will continue to invest and innovate to drive efficiencies for our clients in the region. The leasing module implemented at Siyapatha was customized by LinearSix to suit the Sri Lankan Non-Banking Finance sector requirements with added functionality. We have the solutions to provide seamless transitions to NBFC’s who want to keep up with the times and digitalize their processes in a quick and uncomplicated manner.”
LinearSix, a leading Fintech solutions provider, and is currently focusing on helping non-banking financial companies (NBFIs) in Sri Lanka accelerate the digital transformation of their operations and scale their business growth. LinearSix will combine its financial services domain expertise with Infosys’ industry-leading core banking solution Finacle and their own home-grown innovative Fintech solution “LIME”, to help NBFIs rapidly digitize with best-in-class technology. For further information on the services provided by LinearSix visit www.linearsix.com or contact on +94 77 766 7887.
