Published Date: July 17, 2008
Largest State-Owned Bank in Croatia Streamlines Operations and Improves Efficiency with Finacle
Bangalore , Zagreb, London, July 17, 2008 : Infosys today announced the successful implementation of Finacle treasury management solution at Hrvatska Postanska Banka (HPB) – the largest state-owned bank in Croatia. Finacle Treasury will enable HPB with comprehensive and integrated front-to-back office functionality for its treasury operations. The implementation has enabled the bank to streamline and integrate operations, reduce manual workload as well as enhance control and monitoring mechanisms in the back office.
Earlier, HPB was operating on a disparate platform where tasks such as transfer of deals from third party platforms to the treasury system, posting of accounting entries to the back office, generation of SWIFT messages and reports were performed manually. This was time consuming for bank staff and also entailed high costs for the bank to maintain multiple legacy applications.
With Finacle Treasury, operations have now been automated on a single, integrated platform for front- mid- and back office operations by replacement of multiple systems for deal processing. Finacle Treasury is integrated with other existing applications, ensuring a smooth platform interface, eliminating manual workload and errors, as well as improving operational efficiency. This transition from legacy systems to an industry standard solution also provides the bank with the necessary flexibility and scalability for future enhancements .
According to Mr. Saša Stankovi, Senior Executive Director of Project Management Office, HPB, “Finacle treasury solution has enabled us to streamline operations, improve efficiencies and augment our service offerings to our customers. The adaptability of the solution combined with the comprehensive functionalities delivers an increased cost-benefit ratio and higher operational efficiencies which will enable us to achieve client value.”
With Finacle, HPB is now able to address the dynamic Croatian accounting requirements and flexibility in treasury product customization. Finacle has also improved operational efficiency of the bank’s middle office in the areas of limit & positions monitoring and risk management. The system will further support monitoring deal processing for the entire lifecycle in all the banks units in future.
Commenting on the success, Mr. Haragopal M, Business Head – Finacle, Infosys Technologies said “World over, bank treasuries are moving from disparate technology platforms to ‘swiss knife systems’ that promise improved cost control and risk management, in an integrated manner. Banks like HPB are exemplary in their successful endeavor to take their treasury operations to the next level of excellence. I’m confident that Finacle Treasury will ensure for the bank a unified platform that delivers wide-ranging functionality and optimized operational efficiencies, to factor in aggressive growth”
The current market trends demand a reassessment of treasury management to meet the dynamic requirements of the customers. Rapid regulatory changes and compliance requirements such as IAS 39, Basel II, Sarbanes-Oxley Act (SOX) indicate that banks need to adopt latest technology to keep pace with increased demands made on them.
As a leader in banking transformation, Finacle has a global footprint across 60 countries. Finacle is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award and The Asian Banker IT Implementation Award.
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 in over 39 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com.
Statements in connection with this release may include forward-looking statements within the meaning of US Securities laws intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31 2007 and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.