OpenArc Systems Management (Pvt) Ltd.

OpenArc, a pioneer and ingenious software developer in Sri Lanka, recently launched its newest software solution for the Banking & Finance industry, namely 'SkyBank' which has been developed on truly Open Technology platform with database and platform independency. 'SkyBank' is a hosted solution on the Internet that can be used by any prospective client as they wish under 'OpenArc Software Service Option' - OSSO. DFCC bank, a present user of OpenArc flagship product for the Leasing industry namely OpenArc 'ProLease' which has 75% market share in the local leasing software market selected the leasing sub product of SkyBank, namely 'SkyLease' for their Leasing operations.

Describing the salient features of 'SkyBank' the founder Chairman/CEO of OpenArc, Daya Hettiarachchi highlighted the paradigm shift of Banking from conventional banking beyond 'Door-steps', 'Online banking', 'Internet Banking', 'personal banking' and 'mobile banking'. A few decades ago when I was working in a Bank, a friend of mine, a veteran banker predicted that banking services should be offered beyond the conventional banking hours which was then limited to 5-6 hours and he said that it should be made 24 hours, round the clock. Others were taken up by this idea but it was dropped immediately saying that it was something impossible. However, little later, it became a reality with the innovation of technology such as ATM machines and then the Internet which came to picture providing 24 hours of access to systems. Services at door-step was another concept we advocated long-time ago where it was proposed that the banks should outreach their services going beyond the bank's doors to customers door-steps so that they could do transactions without having to come to the bank physically. This too became a reality with the new concept of Phone Banking and Internet Banking.

So, what is new generation banking concepts beyond all these realities which are now belonging to old generation? It is banking 'anywhere anytime' and much beyond being 'mobile' that just refers to limited access through the mobile phones and PDA devices. Today, fully fledged, ultra slim, palm top computers which are much more powerful than PDAs have become a reality. What we have in a hand held computer with global wireless access is a complete banking software solution fully customized and secured to suit requirements of the individuals carrying those computers anywhere in the world. This is what the new generation Banking & Finance software solution, OpenArc 'SkyBank' is offering. All the transactions will be executable including acceptance of cheques payments etc., and also accessing Dashboard information will be at your fingertip, 'anywhere anytime'. I have no doubt this will revolutionize the way you do banking and finance in the years to come. The Chairman/CEO of OpenArc Systems Management (Pvt) Ltd assured introducing their flagship product 'SkyBank' It is meant for Islamic and Conventional Merchant Banking and Finance companies offering totally integrated software solutions for all the operations of such organizations.

Further, in today's Banking Industry, it is necessary to immediately respond to the strategic business requirements of the customers. The rising defaults on mortgages and credit cards in the US have triggered a global crisis in the finance markets resulting in the collapse of many leading investment banks and large scale technology ventures around the world. This crisis has brought in one of the most radical reshaping of the global banking sector. The definitions of the terms 'risk' and 'management' have also been changed since the most sophisticated risk management models also have failed. Now every bank is concerned about the risk and compliance in modern terms. From the IT point of view, many banks are now striving to modernize their IT infrastructure in order to make their operations simultaneously more responsive to this situation. Hence the focus on IT now is to deliver value proposition to the company in this spirit. Mobility and accessibility are also part of risk mitigation strategies which IT may help very much. Banks need to evaluate mobile banking and payment services in a more practical way. This is what 'SkyBank' is all about.

“SkyBank” the latest innovation in merchant banking and finance software can bring about a radical change in the way you do banking business today. It is a product which has evolved from 18 years of rich industry experience of OpenArc. In terms of technology, it has completely revolutionized the Banking sector, and it becomes the very first Banking & Finance software solution developed on Open Technology platform in Sri Lanka. It has all modern features and facilities that are needed to run a present day banking system. It is a platform, database and location independent product where a customer will have the option of choosing whichever the operating system and database they need depending on their budget and requirements and have access 'anywhere anytime' around the world. Maintenance of the system is hassle free since this is a web browser based system that can operate centrally with global access through license free Linux Internet Tablets and hand held PCs. This is an ideal solution to cut down the IT expenses to compete in the ever growing demand of the financial sector.

We will very soon introduce the commercial banking modules as well to this product 'SkyBank' enabling all commercial banking institutions also to get the best benefits out of 'SkyBank', Mr. Daya Hettiarachchi concluded.