Indus implements LSI at Union Bank of Colombo

Indus Software Pvt Ltd, an international software products company, headquartered in Pune, has implemented Lending Solutions from Indus (LSI) at the Union Bank of Colombo, Sri Lanka. With this agreement, Indus Software has succeeded in penetrating the Sri Lankan territory.

LSI has been customized to suit the requirements of Union Bank of Colombo (UBC). It is the first bank in the South Asian region to obtain the ISO 9002 quality certification for the full range of banking services and the first bank in Sri Lanka to introduce Internet banking.

Indus Software had to ensure that LSI was compatible with the existing software of UBC as well as to directly update records online with no time lag. The implementation of LSI has made the usage of Flat File interface between AS 400 platform with DB 400 software and Windows NT platform with Oracle redundant. The initial system, which had a six-hour time lag, now demonstrates real time response capabilities.

LSI, a workflow based, Web-enabled, integrated solution caters to the retail finance industry. LSI helps banks and finance companies to manage their business in the areas of auto, consumer equipment, home finance and personal loans by addressing the entire process life cycle covering application processing, repayment processes, collection management of delinquent loans and loan accounting treatment.

Shan Shanmuganathan, CEO, Union Bank of Colombo stated that the agreement was signed with a view to adopt an efficient technological platform in order to increase productivity. For Vivek Mannige, MD, Indus Software Pvt Ltd, the foray into the Sri Lankan market marked a major milestone for the company. "We are confident of a successful partnership as Indus Software has implanted solutions in reputed organizations across the globe,'' he said.

Indus has also established its subsidiary, Indus Software Inc in New Jersey, USA. The company is now aiming to achieve the SEI CMM Level 4 this year.