The CBSL will implement SimCorp’s flagship front-to-back investment platform, SimCorp Dimension, to manage the investment operation of the country’s official reserves. The agreement* aims to deliver the CBSL with increased operational resilience, improved automation and strong support of the bank’s investment strategy.
Sri Lanka is the latest in a string of countries, whose central banks have chosen SimCorp, in order to tackle the limitations of legacy technology, amid increasing market complexity. With stability, sustainability and shared prosperity at the centre of the bank’s mission, and celebrating 70 years in operation, the CBSL is evolving the bank’s operations, as it prepares for future growth. The implementation of SimCorp Dimension is part of a long-term strategy to strengthen the bank’s operational efficiency and risk management, while laying the foundation for the future support of its foreign investment strategies.
The operational overhaul sees the CBSL benefit from a highly standardized solution based on global best practices, for the smooth running of its reserve operations and enhanced risk monitoring. A key feature of the selection is the implementation of SimCorp’s integrated Investment Book of Record (IBOR), which sits at the heart of the platform. The IBOR will serve the central bank with a single source of accurate and timely data and a unified view across asset classes, empowering teams across the organization with full transparency for stakeholder reporting.
The mandate will see SimCorp’s automated investment solution streamline the bank’s investment management. This includes advanced front office functionality, comprehensive compliance and performance, through to exhaustive investment accounting covering IFRS standards. The solution will also handle all of the bank’s internally and externally managed funds and coverage of a wide range of instruments, from fixed income, money markets and gold. Increased automation throughout the investment lifecycle will create improved Straight Through Processing (STP) for the bank, eliminating data errors and reducing manual intervention, so that its resources can focus on more high-value tasks.
Oliver Johnson, Senior Vice President and Managing Director, SimCorp Asia-Pacific comments: “We are pleased to welcome the Central Bank of Sri Lanka within our global client community. With an integrated front-to-back, multi-asset platform, continued innovation and a deep understanding of central banking needs, we have steadily grown the number of global central banks in our client community. The partnership with the Central Bank of Sri Lanka is a testament to this commitment and we are confident that our consolidated approach to investment management, will meet the bank’s long-term strategy and deliver the operational resilience it requires to grow prosperously.”
*License agreement signed in September 2020.
Enquiries regarding this announcement should be addressed to:
Mittal Shah, Head of PR, SimCorp +44 (0)207 397 8072 [email protected]
About SimCorp
SimCorp provides integrated, best-in-class, multi-asset investment management solutions to the world’s leading asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers, central banks, sovereign wealth funds, and treasury. Deployed on premise or in the cloud, SimCorp’s core solution, SimCorp Dimension®, alongside SimCorp Coric®, SimCorp Gain™, and SimCorp Sofia™ form a powerful and complete solution. Together with a range of managed services, they support the entire investment life cycle, based on a market-leading IBOR. SimCorp invests around 20% of its annual revenue in R&D, helping clients develop their business and stay ahead of ever-changing industry demands. Listed on Nasdaq Copenhagen, SimCorp is a global company, with regional offices across Europe, North America, and Asia Pacific. For more information, please visit www.simcorp.com