Published Date: June 25, 2007
Emirates Bank and Infosys Technologies (NASDAQ:INFY) today announced that they have entered into a strategic partnership to implement Finacle Universal Banking Solution as the new core-banking platform for the banking group. The new system will be implemented across Emirates Bank International, its branches in Saudi Arabia, United Kingdom and Emirates Islamic Bank. Mr. Abdulla Qassem, General Manager Group Information Technology and Operations at Emirates Bank and Mr. Merwin Fernandes, Vice President and Business Head, Finacle signed the contract during a special ceremony attended by H.E. Ahmed Humaid Al Tayer, Chairman, Emirates Bank and Mr. Nandan Nilekani, Co-Chairman, Infosys Technologies Ltd.
Speaking on the occasion, H.E. Ahmed Humaid Al Tayer said “As it is celebrating its 30th anniversary, Emirates Bank has established its leadership position in the regional financial services industry, and with this strategic project, the bank will be able to reinforce this position with even more innovative products and higher standards in customer service. This is a long standing strategic relationship with world’s leading technology company and we are encouraged by the thought leadership and commitment of Infosys Senior Management.”
Finacle was selected after a comprehensive assessment of leading global solutions by a senior management team from different business functions at Emirates Bank.
Mr. Nandan Nilekani, Co-Chairman, Infosys Technologies Ltd. said, “Finacle is an area of strategic focus for Infosys. We have made continuous investments in the business towards attaining market leadership. Finacle combined with the comprehensive services offering form the Infosys offers a truly differentiating proposition for banks to win in the flat world. This partnership with Emirates bank is a testimony to Finacle’s effective value proposition. We are committed to the success of this strategic engagement.”
“Replacing Core Banking is a major transformation for us, and we look forward to a successful and smooth transition to one of world’s best banking platforms” quotes Mr. Abdulla Qassem, General Manager, Group IT&Operations, “It is an exciting moment for all of us. This new core banking application will support the bank’s aggressive business strategy and act as an enabler for the Group to achieve its future growth plans and new business initiatives. It is an integrated solution covering front and back office functions and will establish a strong base for the future”, he further commented.
Finacle roll out will enable the bank to consolidate its technology and operations across various platforms. The Implementation program for the new system is expected to start immediately with United Arab Emirates and rolling out to other countries in a phased manner. The new solution will also be deployed in Emirates Islamic Bank using the Finacle Islamic Banking offering.
Middle East is an important region for Finacle. To support the growing business traction, focused investments have been made to align our solutions to the requirements of banking sector in the region. Arabisation of the solution as well as development of the Islamic banking offering is an example of this. We look forward to working with Emirates bank to power their transformation initiative” said Merwin Fernandes, Vice President and Business Head, Finacle.
Finacle has a customer base across 50 countries and was recently recognised by top analysts including Gartner, Forrester and Celent. Gartner, Inc. positioned Finacle in the Leader Quadrant of its recently released ‘2006 International Retail Core Banking Magic Quadrant’ report while Forrester featured Finacle as a leader in the Forrester Wave report – Retail Banking Platforms Q4 2006 (Nov 2006).
Name of Bank: Emirates Bank
Name of Product: Finacle
Name of Solution provider: Infosys Technologies Ltd.
Scope of Solution:
Core Banking Solution covering Corporate and Retail Banking across all Asset and Liability products, Priority banking, Branch Operations for EBI and Islamic liabilities module for EIB.
To be commenced immediately and completed by early third quarter, 08
Value of Deal:
What is good about this product?
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. Finacle is a modern and integrated solution that addresses the core banking requirements of universal, retail, corporate, community and private banks worldwide. Finacle has been a leading core banking software solution globally for the last decade.
What are the key benefits to be drawn by Emirates Bank?
Finacle will be the integrated universal banking solution platform for EBI, which will replace the existing core banking system currently in use at the Bank. The solution will enable EBI to offer new and innovative products & services to its customers and leverage technology for providing its customers a better banking experience.
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, and wealth management and CRM requirements of retail, corporate and universal banks worldwide. Finacle has been architected out of years of experience with global banks and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solutions in its class. 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 80,000 employees and operates globally from 21 countries. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, 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 the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT, business process outsourcing and consulting 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 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, 2007. 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.
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