Infosys bets big on Finacle, invests $60M
Bangalore, February 20, 2008
Infosys announced the launch of Finacle, version 10 to reinforce its global leadership in banking transformation. The latest version is a highly sophisticated and advanced system that has been built with an investment of over 240,000 person days.
This new version will enable banks to transform their multi-country operations through a standard platform and processes. A set of over 5000 parameters and an enhanced scripting studio will deliver rapid product innovation. The new version also brings with it a whole new set of offerings including Islamic banking, wealth management; and an enhanced mobile banking solution.
Infosys with its strong focus on Banking & Financial services has been making continuous investments in Finacle. According to T.V. MohanDas Pai, Member of the board, Infosys Technologies Ltd, “Finacle is core to our growth strategy. We have invested over $60M in the last three years to build a state-of-the-art banking solution. Finacle Universal Banking Solution, integrated with Infosys services like SI, Consulting and BPO will offer global banks a truly differentiated transformation model”.
With Finacle, version 10, Infosys is geared up to address the key challenges of banking transformation. A technically strong solution with SOA, BPEL-enabled workflow and advanced security and compliance framework delivers significant improvement in productivity and greater readiness to manage security and regulatory challenges.
According to Haragopal M, Business Head, Finacle, “Finacle, version 10 with its powerful multi-country infrastructure and transformational capabilities delivers increased productivity, rapid innovation and a comprehensive set of offerings to meet diverse customer demands. Seven Tier-1 and Tier-2 banks around the world have already reposed their trust on Finacle, version 10 to power their domestic and international operations.”
As a leader in banking transformation, Finacle has a global footprint across 60 countries and has been acknowledged by top analysts including Gartner, Forrester and Celent among the leaders in the core banking solution space. 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.
About Finacle Universal Banking Solution
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
About Infosys Technologies Ltd
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
Infosys Technologies Ltd – Safe Harbor
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.
For further information, please contact:
Infosys Press Office – Asia Pacific
Infosys Technologies Ltd, India