5th bank in Mauritius to be powered by Finacle
Bangalore, March 1, 2004 Infosys Technologies Ltd. today announced that Mauritius Post and Cooperative Bank (MPCB) has signed up for Finacle®, its universal banking solution. With five out of twelve banks in Mauritius now being powered by Finacle, Infosys has further strengthened its dominant position in the island nation. MPCB has licensed Finacle solution stack covering areas like retail banking, trade finance, financial management and loan origination.
Mauritius Post and Cooperative Bank was formed as a result of a merger of New Co-operative Bank with the erstwhile Post Office Savings Bank. The bank’s decision to implement Finacle is part of an overall growth strategy in which MPCB aims to be amongst the top banks in the country by leveraging technology to differentiate and innovate. According to Kris Lutchmenarraidoo, CEO, MPCB, “Rapid introduction of a new generation technology platform is one of the strategies to enable achievement of the ambitious growth targets of our bank. We believe we have found this in Finacle, which has impressed us with its superior functionality, flexibility and scalability. Infosys’ global experience in the financial services arena makes them the right partner for this important initiative.”
Merwin Fernandes, Vice President and Global Head – Sales and Marketing at Infosys’ Banking Business Unit said. “We are delighted to partner MPCB, a bank that is embarking on a journey of transforming its business leveraging technology. We believe that the Finacle value proposition, that enables banks to adapt and innovate quickly and cost effectively, is best suited to meet the challenges of transformation.” Explaining the dominant position that Finacle has attained in the Mauritius market, he said, “Our core strength is our impeccable delivery track record that has enabled Finacle very quickly achieve a leadership position in every market that we have entered.”
About Mauritius Post and Cooperative Bank
Mauritius Post and Cooperative Bank has aggressive growth plans. The bank is investing in increasing its branch network as well as delivery channels like ATM and Internet Banking. MPCB believes that the right mix of technology, people and efficient business processes will enable its customers to experience superior service, which is its unique value proposition.
About Infosys Technologies Ltd. (NASDAQ: INFY):
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 21,000 employees in over 30 offices worldwide. For more information, visit www.infosys.com or www.finacle.com.