Demand for enhanced customer experience and operational efficiency drives replacement of legacy lending system
Bangalore and London – 28 September, 2017 – Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced that Mediterranean Bank (the Bank), one of the leading Maltese banks, has gone live on the Finacle Lending Module. The Bank has replaced its existing lending solution with Finacle to provide a unified, consistent platform for its corporate customers.
The move to Finacle Lending will provide the Bank a flexible solution with the ability to offer various types of loans to meet customer requirements faster and at a lower cost, thereby enhancing its overall revenues.
The Lending Module is a new addition to Mediterranean Bank’s existing suite of Finacle applications, which includes Finacle Core Banking, Treasury and Corporate Online Banking. Over the years Mediterranean Bank has successfully extended its services beyond Malta by opening a bank subsidiary in Belgium, leveraging the multi-entity capabilities of the Finacle solution suite.
Highlights
Charles Cini, Head of Corporate Banking at Mediterranean Bank said: “The new Infosys Finacle Lending Module will allow us to provide the highest quality service to our corporate customers, whilst driving operational efficiency with a modern platform. We look forward to improving our risk management capabilities and simplifying and extending our business lines for our customers’ benefit.”
Sanat Rao, Chief Business Officer and Global Head at Infosys Finacle said: “The Finacle Lending Solution provides banks the agility and the scalability to respond to shifting customer needs and market requirements in the burgeoning digital era. Replacing its legacy lending system with a modern offering like the Finacle Lending Solution will not only present Mediterranean Bank with new business opportunities, but also enable the bank to provide a rich, modern banking experience to its customers.”
About Mediterranean Bank
Mediterranean Bank is a fully licensed Maltese credit institution, regulated by the Malta Financial Services Authority (MFSA). The bank’s principal activities are corporate lending and the provision of banking services primarily to the mass affluent sector, focusing on savings, wealth management, investments and corporate banking. The bank has experienced continuous and sustained growth over the last eight years, and it is now the third largest credit institution in Malta.
The Mediterranean Bank group has grown organically as well by deploying a successful acquisition strategy. In 2014 Mediterranean Bank bought Volksbank Malta Limited, a subsidiary of Volksbank Austria providing banking services to the Maltese retail and corporate sectors, and merged its corporate loans portfolio with its existing corporate banking services. In 2015, Medifin Holding Limited, the holding company of Mediterranean Bank, completed the acquisition of Charts Investment Management Service Limited, a local investment services company, thus further strengthening its presence in the local market for investment services.
As well as growing locally, Mediterranean Bank has also grown internationally through its Belgian subsidiary, operating an online savings, investment, and wealth management platform under the MeDirect brand. For further information, visit www.medbank.com.mt.
About Finacle
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million customers – estimated to be nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com
About EdgeVerve Systems Ltd
EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Its products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. EdgeVerve Systems Ltd powers its clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom.
For further information, visit www.edgeverve.com
Safe Harbor
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995. These 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 fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT 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 or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, 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, 2017.
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. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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 unless it is required by law.