Partners with IRIS to deliver a platform for simplified and standardized reporting
Bangalore, London, New York – March 3rd, 2011:
- Finacle™ the universal banking solution from Infosys Technologies, and IRIS Business Services, a worldwide leader in XBRL (Extensible Business Reporting Language) tools and solutions announced a strategic partnership to provide banks with the IRIS XBRL suite, enabling financial reporting process automation in compliance with XBRL standards.
- The IRIS XBRL suite will support the regulator’s drive towards financial transparency and standardisation of reporting for ease of peer comparison, while also lowering costs of report and data consolidation.
- Templates can be modified and altered in accordance with regulatory mandates to bring in adaptability and flexibility of financial reporting for banks.
- XBRL standards significantly decrease time-to-file for regulatory financial reporting in addition to facilitating automatic checks of data accuracy.
- A bank using the IRIS XBRL suite saves more than 60% of the present manual effort, involved in preparing and filing regulatory financial reports every quarter.
- Enhanced reporting efficiencies and greater data accuracy in addition to lower cost of ownership, are benefits accrued from leveraging the IRIS XBRL suite.
- Haragopal Mangipudi, Global Head – Finacle, Infosys Technologies, “Extensible Business Reporting Language is a game-changing global standard that will significantly change the way financial information is reported, both internally and externally. CFOs and CIOs have been quick to understand the impact and benefits of XBRL, and plan for its adoption. Finacle is pleased to announce this strategic partnership with IRIS to provide the IRIS XBRL tool to our global clients.”
- IRIS CEO, S. Swaminathan: “By leveraging Finacle’s technology leadership and global reach, we will accelerate the adoption of XBRL compliant reporting in the banking world through the deployment of the IRIS XBRL suite which will make it that much easier for banks to embrace XBRL internally. We are also delighted that Infosys has chosen to partner with us.”
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 Technologies Ltd
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions. These solutions focus on providing strategic differentiation and operational superiority to clients. As on December 31, 2010 the Infosys group employed about 127,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.
Infosys Technologies Ltd – Safe Harbor
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, 2010, 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.
For further information, please contact:
Infosys Technologies Ltd, India
Infosys Technologies Ltd, UK
+44 0 207 715 3499
Infosys Technologies Ltd, USA
+1 213 622 4949, Ext 206