Published Date: June 08, 2012
Standard Bank chooses Finacle digital commerce solution to drive agency banking and increase financial service efficiency across Africa
Bangalore, London, New York – June 08, 2012: Infosys, a global leader in consulting and technology, announced another successful partnership sparked by its recently unveiled Finacle™ digital commerce solution. Finacle™ will power agency banking for Standard Bank and help the bank extend service channels across its markets in Africa. This new alternate channel for the bank will offer value-added financial services to consumers, in Africa, while also reducing cost of operations for the bank.
Finacle™ digital commerce solution helps unlock new revenue streams not only for financial institutions, but also telecom service providers and retailers by enabling instant cashless payments and commerce between merchants and consumers. The solution empowers consumers to consolidate payment instruments such as accounts, cash or cards, on a single digital wallet, made accessible anytime, anywhere on their preferred digital channel. Standard Bank, leveraging Finacle™, will onboard and manage agents, using the mobile or Internet channels, to service remote customers cost-effectively. The solution will enable agents to offer a host of services ranging from customer on-boarding, cash deposits, cash withdrawal and banking transactions, to service requests.
Commenting upon the partnership, Terry Moodley, Chief Executive, Personal and Business Banking Africa at Standard Bank, said “Mobility is a critical component of our business growth in Africa. We see the rapid proliferation and take up of mobile and mobility services, and in some areas Africa is leading the way for the rest of the world. In this dynamic business and technology environment we need to be agile in responding to continually evolving customer needs but also have the flexibility to innovate and differentiate ourselves in the market place. Finacle digital commerce solution from Infosys provides us with the technology platform to deliver on our mobility strategy thereby positively impacting the communities in which we operate and keeping our customers moving forward.
According to Haragopal Mangipudi, Global Head – Finacle, Infosys, “With Finacle™ digital commerce, we aim to accelerate innovation for financial institutions, telecom providers and retailers. We believe there is a growing market for payments, and cost-effective agency services, driven by access to digital channels. Our partnership with Standard Bank is a great example of how organizations can harness the immense potential of digital money to extend banking reach and spark new growth opportunities.”
Finacle™ digital commerce is a multi-channel wallet offering that supports both assisted and self-service channels such as the Internet, mobile, ATM, kiosks and IVR. The solution is ubiquitously available across mobile platforms, access modes and devices, and is built with robust security at the transmission, application and data levels. The comprehensive service portfolio features:
Built on an industry standard architecture, using J2EE, Finacle™ digital commerce solution employs a standard interface for seamless integration and features a ‘product factory’ to launch and deploy services rapidly. The solution is slated to significantly simplify payments and access to banking services.
Standard Bank Group is the largest African bank by assets and earnings. Standard Bank trades in 18 countries on the African continent, including South Africa, and 13 countries outside Africa with an emerging market focus. In some markets Standard Bank trades as Stanbic Bank.
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.infosys.com/finacle
Many of the world’s most successful organizations rely on the 150,000 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.
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