Published Date: May 31, 2007
Finacle to replace bank’s legacy system with new generation core banking solution
Bangalore (India), May 31, 2007: Infosys Technologies today announced that Bahraini Saudi Bank (BSB), a leading provider of retail and commercial banking services to customers in the Kingdom of Bahrain has chosen Finacle to replace its legacy core banking solution.
Since 1985, BSB has been successful in meeting the needs of small to medium sized customers in the trade, retail, manufacturing, construction, services and real estate sectors. The Bank currently offers a full range of retail banking services through its network of branches and ATMs and was the first bank in Bahrain to be ISO 27001 certified for its Information Security practices. BSB also operates through a global network to offer efficient trade finance services to its export/import customers.
Mr. Khalid Shaheen, Chief Executive Officer, Bahraini Saudi Bank, said “BSB is well positioned today to carve out a leadership position in both, the retail as well as the commercial banking space. Armed with tailored financial solutions for mid-market companies in Bahrain and a strong ambition to achieve improvements in customer service delivery standards, we have chosen Infosys as a strategic technology partner based on their international presence, technological strengths, and domain expertise that specifically addresses the unique needs of BSB.”
Speaking on the occasion, Sanat Rao, Global Head – Sales, Finacle said, “Our association with Bahraini Saudi Bank is significant as it marks our first installation in the Kingdom of Bahrain. We are proud to commence this engagement and are committed to ensuring that BSB attains its growth ambitions. The Bank’s selection of Finacle ahead of global competition is yet another reinforcement of Finacle’s leadership in the core and universal banking space in the Middle East well as around the world.”
Finacle recently earned the first position 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.
Bahraini Saudi Bank B.S.C. (BSB) is a retail bank with a paid up capital of BD 50 million and an authorized capital of BD 200 million. BSB was established by an Amiri Decree on 15 December 1983 and was founded with a paid-up capital held between Bahraini and Saudi shareholders. BSB offers commercial and retail banking services to its customers in the Kingdom of Bahrain through its six branches and network of ATM’s. The Bank’s shares are listed on the Bahrain Stock Exchange.
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
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 72,000 employees in over 39 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com.
Business Connexion (Pty) Ltd is a leading black empowered integrator of innovative business solutions based on information and communications technology (ICT). With over 4500 employees and a track record spanning 28 years, Business Connexion runs mission-critical ICT systems and manages products, services and solutions for JSE listed and key public sector organisations, parastatals and medium-sized companies. Business Connexion has a unique Solutions Integration Model that illustrates how clients are placed at the centre of all activities surrounded by expertise in four principal business areas: Technology Infrastructure, Business Applications, Outsourcing and Communications. In order to deliver a world-class service Business Connexion has developed strong relationships and attained top-level certification with many of the world’s leading ICT suppliers.