" ITREALMS: Finacle 10, nextgen banking solution

Wednesday, May 28, 2008

Finacle 10, nextgen banking solution

Management of Infosys Technologies has said that its recently unveiled Finacle 10 is the next generation solution for banking transformation, just as the firm has invested new funding to the tune of $60 million (about N7,062,000,000).

ITRealms Online recalls that Nigeria’s Computer Warehouse Group (CWG) is the sole marketer and implementer of Finacle countrywide and in English speaking West Africa.

Also of note is that currently leading financial institutions including First Bank Plc, UBA Plc, First Inland Bank Plc, Oceanic bank Plc, Spring Bank Plc, FCMB Plc, Fidelity Bank Plc and Kakawa discount house all run on Finacle.

While announcing the launch of Finacle version 10, recently the management of Infosys Technologies said the step was to reinforce its global leadership in banking transformation.

A press statement from CWG Nigeria endorsed by the Marketing and Corporate Communications Manager, Ms Morenike Popoola stated that the latest version is a highly sophisticated and advanced system that has been built with an investment of over 240,000 personnel.

She explained that this new version of Finacle would enable banks to transform their multi-country operations through a standard platform and processes.

“A set of over 5000 parameters and an enhanced scripting studio will deliver rapid product innovation,” she said, adding that the new version brings with it a whole new set of offerings including Islamic banking, wealth management; and an enhanced mobile banking solution.

Popoola also quoted a member of the board, Infosys Technologies Ltd, T.V. MohanDas Pai, as saying that the firm is strongly focused on banking and financial services , hence it has continued to make relevant investments in Finacle.

“Finacle is core to our growth strategy. We have invested over $60m in the last three years to build a state-of-the-art banking solution. Finacle Universal Banking Solution, integrated with Infosys services like SI, Consulting and BPO will offer global banks a truly differentiated transformation model,” Pai said.

The board member added that with Finacle version 10, Infosys is poised to address the key challenges of banking transformation. A technically strong solution with SOA, BPEL-enabled workflow and advanced security and compliance framework delivers significant improvement in productivity and greater readiness to manage security and regulatory challenges.

Business Head, Finacle, Haragopal M. noted that Finacle version 10 with its powerful multi-country infrastructure and transformational capabilities delivers increased productivity, rapid innovation and a comprehensive set of offerings to meet diverse customer demands. “Seven Tier-1 and Tier-2 banks around the world have already reposed their trust on Finacle, version 10 to power their domestic and international operations,” Haragopal said.

Noting that as a leader in banking transformation, Finacle has a global footprint across 60 countries and has been acknowledged by top analysts including Gartner, Forrester and Celent among the leaders in the core banking solution space.

“Finacle is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award and The Asian Banker IT Implementation Award,” asserted Haragopal.

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