Infosys Finacle and five of its clients were recognized at the recently held IBS Fintech Innovation Awards. The invitation-only awards ceremony was held in Mumbai on the 22nd of November. The awards program invites banks from across the globe to nominate their technology transformation projects across multiple categories. A panel of judges meticulously evaluate each of the nominations submitted by banks across regions before identifying the winners. The competition was fierce with over 150 participants from global financial services organizations and technology suppliers having contested in the awards program this year. Here is a summary of the awards that were handed over to Finacle and its clients –
- Best Digital Channels implementation – Winner Infosys Finacle and Standard Bank for the branch digitization project with Finacle Mobile Teller: Infosys Finacle was recognized for driving the digital channels transformation at Standard Bank, the largest African Banking group by asset with presence in over 20 countries. Standard Bank branded this solution as Moby Branch Banker or simply “Moby”. This project resulted in 37% capacity improvement, significant cost reduction due to automation and 40% improvement in transaction turnaround time.
- Best Payments System implementation – Winner Infosys Finacle and Qatar National Bank for transforming their Payments business by leveraging Finacle Payments solution: Infosys Finacle and Qatar National Bank were awarded for the successful role out of Finacle’s Enterprise Payment Hub. QNB, with an asset book of $244 billion, is a leading Qatar-based international bank with presence across 28 countries. This implementation involved rolling out of corporate and retail payments across 15 payment types with multi-geography capabilities, involving 16 channels with straight-through processing capabilities, using a futuristic SOA based design compliant with ISO 20022 data standards.
- Most innovative use of Blockchain in Banking – Winner Infosys Finacle and ICICI Bank for reimagining the trade finance process with the blockchain based Infosys Finacle Trade Connect: Infosys Finacle and ICIC Bank were awarded for implementing the Finacle Trade Connect in less than 10 months. ICICI Bank has onboarded over 280 corporates for C2C, B2C trade transactions on its Blockchain platform for domestic & international trade finance, the most by any bank in India. The solution helped digitize trade finance business processes, including validation of ownership, certification of documents and making payments. As an example the Letter of Credit cycle has been brought down from 8-9 days to 1-2 days. With Finacle’s blockchain DLT (Distributed Ledger Technology) platform funds are made available instantaneously with complete visibility of the funding position between the banks.
- Best Core Banking Implementation – Winner Infosys Finacle and Al Ahli Bank Kuwait for driving core banking transformation with the Finacle Core Banking Solution: Infosys Finacle was awarded in recognition of the core banking implementation at Al Ahli Bank of Kuwait (ABK), a leading Kuwaiti retail and commercial bank, with presence across Kuwait, Egypt and United Arab Emirates. The program had a high degree of complexity with over 79 systems consolidated to the Finacle Suite of products helping ABK save 33% on infra costs. It was in fact one of the fastest roll-outs of multi-country solutions across Kuwait and UAE… successfully completed in 22 months with strong governance.
- Most Innovative API / Open Banking model – Runners up Infosys Finacle and Paytm Payments Bank for driving the open banking revolution by leveraging Finacle’s open and scalable Core Banking Solution: Infosys Finacle was awarded for its Open Banking solution that powers Paytm Payments Bank, India’s only mobile-first bank with zero balance – zero digital transaction charge accounts. The project helped Paytm Payments Bank to expand its offerings and launch new applications for its customers, opening 42 million savings accounts and 500+ corporate accounts with a span of around 10 months.