Finacle Powers Transformation at Aspis Bank, Greece

Bank leverages Finacle for rapid innovation – 7 new products launched in less than 12 weeks

London, Bangalore, March 19th 2008

Finacle from Infosys and Aspis Bank announced today that Aspis Bank, Greece is live on Finacle Universal Banking Solution. While the core banking solution went live in the last quarter of 2007, the treasury solution has been operational at the bank since September 2005. The state-of-the-art solution that has gone live across 83 branches has enabled the bank to embark on its ambitious business transformation strategy aimed at aggressive growth and rapid differentiation. Post implementation, the bank has seen the launch of 7 new products in a short span of 12 weeks, almost 40% increase in average transactions/day and a threefold increase in ATM charges.

Leveraging Finacle, the bank is now empowered to create a differentiated customer experience through innovative product offerings, unified customer view and seamless integration across channels for greater customer convenience. Finacle has also enabled the bank to achieve greater efficiency in workflows, manage operational risks, and increase fee-based income.

Mr. George Dayantis, General Manager- Operations and IT, Aspis Bank, comments “We were single-mindedly focused on a radical makeover of our legacy technology infrastructure. This new core banking application from Finacle will support the bank’s aggressive business plans and act as an enabler to achieve its future growth plans and new business initiatives. With the help of this solution we are already thinking about new and innovative product launches like never before while continuing to provide a highly personalized customer experience for which ASPIS has been well recognized in the Greek banking market.

Mr. Haragopal M, Vice President and Business Head – Finacle, Infosys Technologies said, “We are delighted to see Finacle powering the business transformation at Aspis Bank. Greece, Cyprus and the Balkans constitute a strategic market for Infosys and we are looking to enable banks in this region to become more competitive and customer focused by leveraging technology. We look forward to closely working with Aspis Bank helping them further harness the capabilities of Finacle.”

Finacle is built on new generation technologies, open industry standards and a services oriented architecture. It has effectively replaced the bank’s legacy systems and provided the bank with a future proof technology platform that promises the flexibility of STP (Straight Through Processing) for channel transactions, agility to respond to business needs, true scalability and reduced total cost of ownership.

Finacle customer base spans across 60 countries. Finacle solutions have been recently recognized by top analysts including Gartner, Forrester and Celent. Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was also positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**.

*Source: “The Forrester Wave: Retail Banking Platforms, Q4 2006”, Forrester Research, Inc., November 2006 **Source: Gartner, Inc. “Magic Quadrant for International Retail Core Banking, 2006” Don Free, 25 January 2007 The Magic Quadrant is copyrighted 25 January 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Finacle Universal Banking Solution

Finacle from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, corporate and universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks that come with such large scale transformation. For more information, visit www.edgeverve.com/finacle.

About Infosys Technologies Ltd

Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 80,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com

About Aspis Bank

Aspis Bank established in 1992, is a medium-sized retail and commercial bank with assets of € 2.2 billion, rated BB+ by Fitch Ratings. It operates 72 branches throughout Greece, providing its wide client base of over 300,000 customers with the full range of retail, corporate and investment banking products and services. As part of the larger Aspis Group, a leading Greek insurance, investment and financial services group, it strives to utilize state-of-the-art technology solutions to enhance all aspects of its operations. For more information, visit www.aspisbank.gr

Infosys Technologies Ltd – Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2007, our reports on Form 6-K for the quarterly periods ended June 30, September 30 and December 31, 2007, and our other recent filings. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

Press Contact

For further information, please contact:

Infosys Press Office – London
Shamima Begum
GolinHarris,
London, UK
+44 (0) 207 067 0469

Aspis Bank
Press & Public Relations Office
Artemissia Simvoulaki
Athens, Greece
+ 30 210 3364106

Finacle from Infosys reinforces strong thrust on Islamic Banking

Finacle Islamic banking solution unveiled along with the recent Finacle 10 launch globally

Riyadh, March 6, 2008: Finacle from Infosys recently unveiled its standalone Islamic Banking Solution as part of the global launch of version 10 of the Finacle Universal Banking Solution. Finacle Islamic Banking Solution addresses the complexities of Shariahcompliant banking in today’s environment by offering banks greater amount of flexibility and quicker innovation.

Finacle Islamic Banking Solution has been developed from incisive insight into the Middle East, Far East and European markets and follows accounting standards recommended by Audit and Accounting organisation for Islamic financial institutions (AAOIFI). The solution promises banks in the region a flexible and varied feature repertoire to design and deploy products for varying market segments, based on different Islamic concepts including Mudarabah, Murabaha, Ijarah, Istisna and Tawarruq. Strong product definition features, support for Islamic accounting and complete traceability for audit, differentiate the solution. Completely self-contained, it is replete with the accounting backbone to support back office functionalities and provides Straight Through Processing (STP) capabilities on a SOA platform.

The solution allows banks to define an organization structure conducive to current requirements while factoring in flexibility to change the structure with scaling business needs. This means Islamic banking can be initiated as an add-on product offering in a branch of choice, and eventually converted to an independent Islamic banking unit, if required. It also offers a wide range of possibilities for business users at the bank to create products and embellish them with innovative features.

Mr. Haragopal M, Business Head, Finacle said, “As we continue to rapidly increase our customer base across the world, and specifically in the Middle East, the launch of our Islamic Banking Solution is a testimony of our commitment to the region. Two of the largest banks in the region have already reposed their trust in Finacle Islamic Banking Solution.

Finacle Islamic Banking Solution is powered by the BPEL and BPML compliant workflow engine. This, coupled with high parameterization capabilities, results in greater process efficiency, better risk mitigation, significantly lowered TCO and supports rapid roll out of Shariah-compliant products.

The Islamic banking industry is being redefined and reinvented as banks, the world over, respond to the opportunities presented by this rapidly growing new customer segment. Besides traditional markets such as Middle East, Indonesia and Malaysia, Islamic Banking is seeing growth in markets such as United Kingdom, Singapore, and many global conventional banks have started offering Islamic Banking.

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

About Finacle Universal Banking Solution

Finacle from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, corporate and universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks that come with such large scale transformation.

Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**. For more information, visit www.edgeverve.com/finacle

About Infosys Technologies Ltd

Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 80,000 employees in over 44 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com

*Source: “The Forrester Wave: Retail Banking Platforms, Q4 2006”, Forrester Research, Inc., November 2006 **Source: Gartner, Inc. “Magic Quadrant for International Retail Core Banking, 2006” Don Free, 25 January 2007 The Magic Quadrant is copyrighted 25 January 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Infosys Technologies Ltd – Safe Harbor

Statements in connection with this release may include forward-looking statements within the meaning of US Securities laws intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31 2007 and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.

Finacle from Infosys Completes Phase 1 of Implementation in Stroyvestbank, Subsidiary Structure of URALSIB BANK

Moscow, London, Bangalore – March 03, 2008: URALSIB Financial Corporation and Infosys announced today that the Russian version of Finacle core banking, CRM and treasury solutions have been successfully tested in the phase 1 implementation at Stroyvestbank, Kaliningrad, which is a subsidiary structure of URALSIB BANK. The solution had been tested across the following functional areas: customer information registration, retail and corporate accounts, term deposits, loan origination and support, cash operations, payment system functioning and treasury operations.
URALSIB and Infosys teams have successfully demonstrated the potential of leveraging a ‘centralized core banking system’ to make customer service more effective and adopt banking best practices. The solution shall enable the bank to manage the challenges of scale, unifying processes and standards of different business lines.

“We are delighted to see Finacle successfully completing phase 1 of the technology led business transformation journey of URALSIB”, said Haragopal M, Vice President & Business Head, – Finacle, Infosys. “Russia is a strategic market for Finacle and we look forward to working closely with URALSIB as they progress on this transformation and leverage technology to stay ahead in the market.”

“From the start of our alliance, we were convinced about our joint ability to develop a localized solution. A project of this magnitude requires substantial attention and investments from both the parties. Partnership relations between the Bank and Infosys considerably contribute to the realization of our common intentions”, says Lyudmila Shabalkina, CEO & First Deputy of Chairman of the Board, URALSIB Bank.

URALSIB BANK was formed in 2005 as a result of integration of the business lines of five banks – NIKoil IBG, AVTOBANK-NIKoil, URALSIB, Bryansky Narodny Bank and Kuzbassugol Bank. The new bank had not only consolidated the assets, branches and clients of the five banks, but the decision has been taken to provide a common platform for technology across the entire merged entities as well. A key focus was adoption of a unified technology engine to power growth and innovation in the marketplace.

“At URALSIB we have embarked on a technology-led business transformation journey in compliance with our own growth strategy which implies broad development of our sales network, says Andrey Donskih, Chairman of the Board, URALSIB Bank. – “We are confident about strengthening our leadership position in the national banking industry”.

Implementation of Finacle universal banking solution at URALSIB BANK will continue. The near-term plan of the project team is to carry out the lessons-learnt analysis and to incorporate the new legislative requirements into the system. The go-live in the Bank’s central office, Moscow, has been planned for 2008.

 

About URALSIB Financial Corporation

URALSIB is a multi-trend structure, successfully developing its investment, commercial, insurance and retail banking business trends. The corporation offers its customers a broad range of products and services. The corporation’s integrated network has now become nationwide and has over 1,100 points of sale all over Russia.

The URALSIB BANK ranks No. 4-5 in Russia’s largest banks ratings. The URALSIB BANK regional network has around 580 sales offices all over the country. The Banks offices currently operate on the principles of financial supermarkets offering a wide range of up-to-date financial products and services, which include without limitation to general deposits, retail loans, mortgage lending, car loans, investment services, insurance products and schemes, and it also gives opportunities to take part in pooled investment.

In actual fact the Bank operates based on “one stop shopping principle”, the same being used by all the specialized mortgage lending centers opened by URALSIB in the largest cities in the country. These centers offer people the consultation services of real-estate agents, lawyers, insurers and bank personnel in general at one single location, letting them choose the most favorable lending scheme and formalize the loan, the priority one being the Federal mortgage lending program (scheme), which grants mortgage loans in 36 regions of Russia.

For companies of real sector of economy URALSIB BANK offers different financial product packages insuring their intensive growth and giving extra stability. The packages include general loans and leasing, creation of closed investment funds, property investment and factoring, as well as services in the market of corporate borrowing and public offering of shares. Such a complex approach in URALSIB interaction with its customers is especially effective in the regions of the country.

 

About Finacle Universal Banking solution

Finacle from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, corporate and universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks that come with such large scale transformation.

Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**. For more information, visit www.edgeverve.com/finacle

 

About Infosys Technologies Ltd

Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 80,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com

*Source: “The Forrester Wave: Retail Banking Platforms, Q4 2006”, Forrester Research, Inc., November 2006
**Source: Gartner, Inc. “Magic Quadrant for International Retail Core Banking, 2006” Don Free, 25 January 2007
The Magic Quadrant is copyrighted 25 January 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose

 

Safe Harbor

Statements in connection with this release may include forward-looking statements within the meaning of US Securities laws intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31 2007 and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.

 

For further information, please contact:

Infosys press office – Asia Pacific
Joya Ahluwalia
Infosys Technologies Ltd, India
+9180 41057527
Joya_Ahluwalia@infosys.com

Infosys press office – London
Shamima Begum
GolinHarris, London, UK
Tel: +44 (0) 207 067 0469