Published Date: February 01, 2005
Finacle provides banks with low total-cost-of-ownership and proven alternative to legacy system
Jakarta, February 01, 2005 HP today announced a partnership with Infosys to provide Finacle, a new generation universal banking solution, to banks in Southeast Asia. Finacle offers a low-risk, all-in-one solution for banks that are upgrading their legacy platforms. The HP-Infosys collaboration provides banks with the ability to meet the challenges of the ever-changing business cycle, and a competitive edge through a comprehensive suite of software, hardware, networking, system integration, consulting and outsourcing options.
This HP-Infosys collaboration targets Southeast Asia’s flourishing banking sector, which will grow from approximately US$3.98 billion this year to an estimated US$4.95 billion by 2008, according to IDC*.
Southeast-Asian banks are now being confronted with increasingly complex internal and external environments that require greater business agility, a reduced cost structure and minimum risk. Banks need to attract and retain savvy customers by expanding their product offerings and ensuring faster go-to-market for new products and service offerings. In addition, banks now face macro-level issues such as new compliance regulations, changing political leadership and an influx of foreign investments driving growth and demand for new products.
“Banks in Southeast Asia are beginning to recognize the need to use IT as a key tool to gain a competitive edge,” said Mike Stephens, General Manager, Financial Services Industry – Asia Pacific, HP. “Finacle will replace costly legacy platforms with secure, scalable systems with enhanced functionality based on open systems. Our solutions help banks to provide better customer service, increase productivity and enhance the ability to respond to changing market landscape.”
The Finacle core banking solution provides comprehensive functionality across back and front office, high scalability and 24×7 availability. The solution includes a security framework that is compliant with CoBIT, an industry standard issued by the IT Governance Institute for good IT security and control practices. In a recent scalability and benchmark test reviewed by Ernst & Young, Finacle achieved the highest scalability and transactions throughput per second of 11,180 transactions per second (TPS) in online mode and 19,568 TPS for batch mode, improving its own previous record of 7357 TPS for online transactions and out-performing the industry standards by a wide margin.
“The HP and Infosys solution, powered by Finacle, provides banks with a new generation, high performance technology alternative to legacy core banking systems,” said Mr. Girish Vaidya, SVP & Business Head- Finacle, Infosys Technologies. He added, “Finacle is currently supporting some of the largest live sites on open systems globally. This partnership enables our customers realize the next phase of growth and deliver a differentiated customer experience.’
One such customer is the Bank of India (BoI). In April 2004, the BoI selected HP as its preferred partner in a10-year, US$125million contract. HP will implement and manage the Finacle Core Banking Solution across BoI’s 750 branches in India.
“We have plans to transform ourselves into the most customer-focused bank in the country. We are confident that the Finacle core banking solution will help us to align our IT strategy with business strategies in order to deliver unparalleled customer service,” said D. Krishnamurthy, Chief Information Officer, Bank of India.”Deploying Finacle has improved access to business information and will result in a dynamic technology infrastructure that respond quickly to market fluctuations.”
Finacle, the universal banking solution from Infosys, empowers banks to transform their business leveraging technology. The solution addresses the core banking, e-banking, treasury, wealth management, CRM, and cash management requirements of universal, retail, corporate, community and private 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. www.edgeverve.com/finacle
HP is a technology solutions provider to consumers, businesses and institutions globally. The company’s offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. For the four fiscal quarters ended July 31, 2004, HP revenue totaled US$78.4 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at www.hp.com
Infosys Technologies Ltd. (NASDAQ: INFY) defines, designs and delivers IT enabled business solutions. These provide our customers strategic differentiation and operational superiority, thereby increasing business competitiveness. Each solution is delivered with a high degree of time and cost predictability that ensures peace of mind. With Infosys, you get a transparent business partner, business-IT alignment with flexibility, world-class processes, speed of execution and the power to stretch your IT budget by leveraging the Global Delivery Model that the company pioneered. For more information, visit www.infosys.com.
*Source: IDC Black Book Verticals, August 2004