Published Date: July 06, 2004
Finacle to drive cost reductions and agile banking
Bangalore, July 06, 2004 Infosys Technologies Limited (NASDAQ:INFY) and Union Bank of the Philippines (UBP) today announced that they have signed a strategic partnership to revamp the bank’s core technology platform with Finacle, the universal banking solution from Infosys. Under the agreement, UBP will deploy Finacle across all its branches replacing its existing Mainframe based Core Banking solution. UBP is one of the top tier banks in the region to make this paradigm shift from a mainframe to an open systems environment.
Union Bank of the Philippines, among the top 10 banks in the Philippines, aims to be amongst the most preferred banks in the country, leveraging new-generation cutting edge technology to derive benefits through innovation and product differentiation and retain and expand its business and customer base.
On this occasion, Mr. Justo A Ortiz, Chairman and CEO, Union Bank of the Philippines said “Our bank clearly views this as a strategic initiative to address the bank’s new business requirements respond to market changes, enhance its customer experience and empower its employees. Finacle is at the heart of this technology driven transformation strategy of the bank.”
Commenting on this win, Mr. Girish G Vaidya, Senior VP and Head- Banking Business Unit, Infosys Technologies said, “We are delighted to partner with Union Bank of the Philippines. We believe that Finacle will help the bank achieve its vision of being an acknowledged leader in service, innovation and value. This strategic breakthrough will provide an excellent reference model for banks looking at replacing their legacy based, mainframe based solution with Finacle to achieve business agility with a lower TCO.”
Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys’ Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has over 25,000 employees in over 30 offices worldwide. For more information, visit www.infosys.com
Finacle is the universal banking solution from Infosys designed to address the retail, corporate, community and private banking requirements of banks across the globe. Finacle has been designed and architected out of years of experience with some of the best and biggest banks across the world. This universal banking solution offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable solution in its class. (www.finacle.com)
UnionBank is a partnership among the Aboitiz Group, Insular Life and Social Security System. It started operations in 1981 and became a commercial bank by January 19, 1982. In July 1992, UnionBank was granted the license to operate as a universal bank. The bank acquired the International Corporate Bank (Interbank) in 1994. Among Philippine banks, UnionBank stands out for its strategy, execution and performance. While many banks went for size and market share via large balance sheets, UnionBank has followed a highly focused differentiation strategy that emphasizes innovation and service.
In 2002 & 2003, the bank was recognized as among Asia’s best companies by Euromoney and Finance Asia. UnionBank is also the country’s only bank to make it to the list of the world’s 25 soundest banks for four consecutive years by The Banker of London.