> News > Finacle launches Bank-in-a-Box, a rapid technology implementation framework for mid-sized banks
Published Date: October 29, 2007
Bangalore, London, October 29 2007: Finacle, the universal banking solution from Infosys Technologies, has today announced the launch of Finacle Bank-in-a-Box (BIAB), a pre-configured and fully integrated framework for banking transformation. Finacle BIAB has been developed on the powerful architectural foundation of Finacle and brings a fully web-enabled application and process stack in a ready to deploy state.
The global expertise in powering close to 100 banks across 55 countries has enabled Finacle to offer this specialized framework for various regions. At this time, the regional framework has been developed for three regions – Europe, Middle East and South East Asia.
Using the Finacle BIAB framework, the core banking and treasury solutions have been implemented successfully at Bank Sohar in Oman. The rapid implementation framework ensured that phase one of the Bank Sohar project went live in a record 56 days.
According to Mr. Nani Javeri, CEO, Bank Sohar, Oman: “We are extremely impressed with Finacle Bank-in-a-Box. The speed of deployment has been a tremendous support for Bank Sohar to achieve its ambitious growth plans and business objectives of innovation and technology-enabled product and service differentiation”.
Another key success of the Finacle BIAB framework is its being selected by Nadra Bank in Europe. Nadra Bank is one of the top ten banks in the Ukraine. Finacle was recently selected by Nadra Bank to power its banking transformation across 600+ branches.
“Finacle BIAB was a key driver in our decision to partner with Finacle. We want to absorb best-in-class processes and banking practices to help us compete aggressively with players in the international banking arena,” said Mr. Igor Gilenko, Chairman and President, Nadra Bank, Ukraine.
Finacle developed the BIAB framework by leveraging the collective implementation experience of its consultants and by incorporating best practices from central banks and external consultants. Standard codes like ISO Country/Currency, SWIFT BIC Codes, UCPDC Codes are also incorporated in the Finacle BIAB framework. With 300+ Process Maps, Finacle BIAB enables banks to develop their processes with ease and without the need for any other external aide or tool.
Mr. Haragopal M, Vice President and Business Head – Finacle, Infosys Technologies, said: “In this flattening world, mid sized banks need to rapidly respond to the changing consumer demands and the competitive landscape. Finacle Bank-in-a-Box framework offers banks with a rapidly deployable solution that provides knowledge of best banking practices, processes and standards.”