Epic Lanka and Credence Analytics develop next-gen wealth and custodian mgt. solution for BoC

From left: Haritha Rajapakse, AGM – IT (Delivery Channels) Bank of Ceylon, Aruna Kumara, AGM (Investment Banking) Bank of Ceylon, S. Sivanjan, Deputy General Manager (Support Services) Bank of Ceylon, R.M.N Jeewantha, Deputy General Manager (International, Treasury & Investment), Bank of Ceylon, Viraj Mudalige, Managing Director/CEO, Epic Lanka, Krishan Jayawardena, Director/ Group Chief Technology Officer, Epic Lanka and Sanjeeva Perera, Senior Vice President, Epic Lanka 

Sri Lanka’s premier Fintech conglomerate Epic Lanka has partnered with Credence Analytics (Pvt) Limited to deploy a fully-fledged wealth and custodian management solution for Bank of Ceylon.

The state-of-the-art solution will provide Bank of Ceylon with a single, unified system to support all investment banking needs of the bank including wealth management and custodian business. 

The solution is integrated with various other peripheral systems to help improve operational efficiency and support future business requirements to offer superior service for its customers across SriLanka.

In a pandemic-stricken business environment, the global investment banking industry is witnessing many changes due to more demands by clients, digital transformation, regulatory compliance, internationalization, and growing competition. This is leading to an increase in overall costs of operations and affecting the bottom line.

Investment bankers today need to have increased focus on innovation, efficiency, productivity, and client centricity. Hence, in line with the ‘new normal’, investment banking solutions must integrate various investment banking platforms such as wealth management and custody divisions that completely automate business needs of investment bankers.

In such a backdrop, Epic Lanka and Credence Analytics have offered Bank of Ceylon a comprehensive solution of the highest standards incorporating global best practices to meet the growing demands of itsc ustomers.

The ‘iDEAL Wealth & Funds 6.0’solution, an award-winning software platform by Credence Analytics, has the capability of automating the entire suite of wealth and portfolio management supporting various client-facing business functions such as prospect management, client onboarding, document management, customer profiling and custodian management.

The solution supports management of subscription/redemption and customer reporting catering to private wealth management and collective investment schemes while the Investment Management functionality takes care of all fund management functions like portfolio construction and management, risk and compliance management, trade order management, accounting etc. for institutional portfolios and collective investment schemes.

Bank of Ceylon selected Epic Lanka as their preferred technology partner to implement the Wealth Management and Custodian Solution, in association with Credence Analytics.

Additionally, the system supports various security types across different asset classes ranging from marketable securities like Equity, ETF, and Convertible & Fixed Income to cash and cash equivalents like cash in hand, bank deposits, call & time deposits.