Manila, Bangalore, August 9, 2011: Infosys Ltd and City Saving Bank today announced that City Saving Bank, Philippines, has chosen Finacle™ core banking solution to power the bank’s strategic business transformation initiative. City Saving Bank is a thrift bank operating in the Philippines market for the past 45 years. The bank will replace its legacy system across its 29 branches and leverage Finacle™ core banking solution for its aggressive growth plans.
Built on new generation technologies, open industry standards and services oriented architecture, Finacle™ will provide the bank with a highly scalable technology engine. Finacle™ Bank-in-a-Box (BIAB), a pre-configured and fully integrated framework, will offer City Saving Bank a rapidly deployable solution that provides knowledge of best banking practices, processes and standards.
According to William Paradies, Vice President, City Saving Bank, “A robust technology platform is indispensible for a growth-focused bank. We selected Finacle™ for its proven global leadership, committed investment in cutting edge technology and unmatched delivery track record. We are confident that our partnership with Finacle™ will enable us to realize our growth ambitions and deliver for our customers a world-class banking experience.”
Leveraging Finacle™, City Saving Bank will also be better positioned to right sell personalized offerings, bundled products and an enriched segment-specific product portfolio to customers. As the local business partner of Infosys, Total Information Management (TIM) Corporation will play an integral part in the implementation of the Finacle™ solution at City Saving Bank.
Sanat Rao, Vice President & Global Head, Business Development, Client Engagements and Alliances – Finacle™ said, “We are delighted to partner with City Saving Bank and are strongly committed to ensuring that City Saving Bank attains its twin business objectives of aggressive retail growth and business agility. Philippines is a focus market for Finacle™ and we will continue to invest and innovate to accelerate growth and drive efficiencies for our clients in the region.”
About City Saving Bank
City Saving, a Cebu based thrift bank, has been serving the public school teacher market since its founding in 1966. The bank currently has 29 branches across Luzon, Visayas, and Mindanao.
About Finacle™ Universal Banking Solution
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities.
Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit www.edgeverve.com/finacle.
About Infosys Ltd
Many of the world’s most successful organizations rely on the 133,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow’s enterprise.
For more information about Infosys (NASDAQ: INFY), visit www.infosys.com.
Certain statements in this release concerning our future growth prospects are forward-looking statements, 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 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, 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, 2011 and on Form 6-K for the quarters ended quarters ended September 30, 2010 and December 31, 2010 and June 30, 2011. 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.
For further information, please contact:
Infosys Ltd, India
City Saving Bank