Published Date: September 01, 2008
Offers portal-enabled solution with enhanced functionality and time-to-market advantage
Tel-Aviv, Bangalore, London, September 1st, 2008: Israel Discount Bank and Infosys Technologies Ltd. today announced that Israel Discount Bank (IDB), a leading financial group and the third largest bank in Israel has selected Finacle e-banking solution. Finacle e-banking will enable the bank to leverage Internet and mobile channels towards accelerating the growth of its corporate/SME and retail banking business. Finacle e-banking solution will form a key component of the bank’s portalisation strategy and will be offered as a portal-enabled solution on IBM technology.
IDB’s new business strategy to leapfrog competition in the e-banking arena triggered the modernization of its technology platform. The bank planned to use the e-banking platform to launch innovative products and to provide enhanced customer service through the Internet and mobile channels. Towards this end, the bank needed faster time-to-market for launching new features and products for its SME & retail banking operations, previously managed on software applications developed in-house. Infosys shall be partnering with Israeli technology services firm, Taldor for implementation of the e-banking platform.
Mr. Shai Vardi, Deputy Director Operation & IT Division, Israel Discount Bank comments, “Our present market environment required a radical transformation in our e-banking infrastructure to improve our performance and enhance the channel experience for our customers. We chose Finacle for its proven new generation solution and excellent delivery track record backed by a global technology leader like Infosys. We are delighted to partner with Finacle and look forward to enhancing our productivity leveraging Finacle.”
Finacle e-banking solution leverages the latest technological development providing a richer and convenient user experience to the bank’s customers. Leveraging a proprietary context aware real-time transaction mobile middleware, the solution provides a unique user interface on each hand-held device and would enable the bank to offer differentiated mobile banking services in the local market. IDB corporate, retail and SME customers will be able to make enquiries and transactions through internet and mobile banking, which also includes making payments to beneficiaries and third party service providers. With robust security features, a rich visual experience and higher scalability the solution will enable the bank to innovate and adapt to changing customer requirements.
Commenting on the win, Sanat Rao, Vice President & Head-Worldwide Sales, Finacle, Infosys Technologies, said, “This win is a significant breakthrough for Finacle as it further consolidates our position in the fast growing EMEA region. We are delighted to partner with a progressive bank like IDB which aims to establish a position of leadership in Israel. We are confident that with Finacle e-banking, IDB will be able to achieve its objectives of innovation and client value.”
Taldor, the local business alliance partner of Finacle and one of the leading providers of technology services in Israel, has been contracted by IDB as the prime contractor for the implementation of this project. According to Doron Sapir, CEO, Taldor, “We are delighted to partner with IDB and Finacle in this technology upgrade exercise and are committed to ensuring that IDB achieves its future growth plans for the region.”
As a leader in banking transformation, Finacle has a global footprint across 61 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.
Israel Discount Bank Ltd. is the third largest banking group in Israel. The bank is a universal bank which grants its customers comprehensive banking services in all areas of financial activity, through 140 branches in Israel.
The information and control systems stand at the core of the operations of the Bank and comprise the backbone on which the bank’s operations are based. Most of the various computer systems serve both the Bank and Mercantile Discount Bank. Over the years the Bank has developed efficient, stable and effective computer solutions with respect to all business areas in which the Bank operates. The solutions developed are among the most advanced existing in banks in Israel.
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.infosys.com 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.
Taldor – One of the leading providers of business and technological solutions in Israel, providing software, hardware, data security and communications solutions as well as outsourcing of IT activities and business processes. The company is traded in the Tel Aviv Stock Exchange: 71.95% is held by DBSI and the rest is held by the public
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