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Wednesday, August 01, 2007

Forrester rates Finacle high in core banking solution

Finacle, a banking solution from InfoSys and marketed in Nigeria by Computer Warehouse Group (CWG) through its subsidiary, ExpertEdge Software and Systems Limited, has been rated top in a study released by first Forrester Wave of core banking solutions.

Marketing Manager at CWG, Ms Morenike Popoola, informed that Infosys earned one of the top slots in the first Forrester Wave of core banking solutions, via its Finacle platform.

She noted that Finacle stood out with its convincing strategy and a very sound current offering and was the short-listed choice for banks that need a highly scalable core banking solution, want a strong multi-channel solution supplementing the suite, or are seeking an architecture solution that is able to cope with changing business needs.

This, she said was the conclusion of renowned industry analyst Forrester Wave Report on core banking solutions released in the first quarter of this year, 2007.

The rating in the heels of the last quarter of 2006 rating by Gartner in their Q4 Magic Quadrant for core banking solutions was also rated Finacle tops in vision and more significantly in the ability to execute placing Finacle squarely in the leaders quadrant.

Infosys had announced that it has positioned Finacle core banking solution in the Leader Quadrant in the recently released ‘Magic Quadrant for International Retail Core Banking (IRCB) 2006’ report.

Magic Quadrants depict markets using a two dimensional matrix that evaluates vendors based on their completeness of vision and ability to execute. The Magic Quadrant has 15 weighted criteria that plot vendors based on their relative strengths in the market. Magic Quadrant for IRCB assesses the impact of transition and volatility in the market, vendor consolidation trend, and a technology evolution that promises to enhance business agility on key international vendors and their products that serve this market.

According to Gartner, “Leaders are vendors that possess a strong banking market understanding, have a measurable strategy for disaggregating core banking software functionality into component-based constructs, exhibit highly developed and certified development and delivery of quality methodologies, and have extensive marketing delivery and sales channels. Leaders also share conspicuous operational organization approaches that are relevant to the business and a willingness to extend resources to ensure a successful customer experience”.

In his response, Vice President and Business Head - Finacle, Infosys Technologies, Merwin Fernandes, said the company believes that being rated leader in the Gartner Magic Quadrant is another key milestone that unambiguously reinforces Finacle’s leadership of the retail core banking solution space.

“Finacle’s strategic approach and execution capabilities have always been globally recognized and we believe this analysis from Gartner once again demonstrates our differentiating strengths. We also believe that this reinforces the confidence reposed in us by leading banks across the world who have successfully leveraged Finacle to differentiate and lead in this competitive marketplace,” Fernandes said.

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