• Initially present in its domestic Indian sector and Africa; then increased presence in international markets


GENERAL INFO


HQ: Bangalore, India Ownership: Public Founded: 1981 # Islamic Sites: 9 # Staff: 160k+


Key Clients: Arab National Bank, Equity Bank, Standard Bank, Emirates Islamic Bank


Key Highlights


Company Overview


• Finacle part of Edgeverve, a wholly owned subsidiary of Infosys


• Key product: Finacle core banking system; important offering in the mid-to-high end retail sector


Product Overview


• Key functionalities: GL, savings and current accounts, loans, trade finance, Islamic asset products, construction and equipment financing, limit maintenance and monitoring, loan origination system, calculation and accounting for asset depreciation, credit monitoring and provisioning


• ‘Extensible tool kit’ intended to allow the system to link to any third party system via hooks and triggers


• Yet to gain a strong foothold in islamic banking market


• Majority of the customers are in Central and South East Asia


Edgeverve - Infosys FINACLE


From establishment to growth Infosys’ core banking system, Finacle, is an important offering in the mid- to high-end retail sector. From Indian roots, it has moved onto the international stage and has built up a good user list. The system is relatively broad and includes treasury and wealth management support. The system is intended to be Shari’ah-compliant and work has been done with a number of banks. The Finacle business resides within a major entity, with Infosys the


first Indian IT company to float on Nasdaq. It started in IT services and was one of the first to offer offshore development in India. The banking business unit (BBU) now accounts for around one- third of the company’s revenues. In 2012 total revenues reached


128


$6.99 billion, a year-on-year growth of 22 per cent. The company’s international presence has grown significantly, with sales offices and development centres around the globe. The retail offering was launched in early 2000, replacing an earlier version, Bancs 2000. The original product was developed with Canara Bank in India, as one of a number of government-sponsored projects aimed at kick-starting automation in the Indian banking sector. The system was launched as a commercial offering in 1993. It was based on Oracle and Unix, and covered core retail and trade finance. Bancs 2000 was decentralised and was not scalable. Thus, the decision was made to come up with a replacement. The older parts were re-engineered, newer modules, written in C++, were moved across, and the resultant system was launched in July 2000 as Finacle.


Islamic Report www.ibsintelligence.com


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