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Head office: Infosys Limited, Electronics City, Hosur Road, Bangalore 560100, India Tel: +91 80 2852 0261 Email:
finacleweb@infosys.com Other offices: India (12+), Australia (4+), Belgium, Brazil, Canada (3), China (4+), Czech Republic, Denmark, Finland, France (2), Germany (4), Hong Kong, Ireland, Japan (2), Malaysia (2), Mauritius, Mexico, Netherlands (2), New Zealand (2), Norway, Russia, Singapore (2), South Africa, Spain, Sweden, Switzerland (3), UAE (2+), UK (3), US (18+) Website:
www.infosys.com/finacle Twitter: @Finacle Contacts: Venkatramana G (India), Amit Dua (UK) Founded: 1981 Ownership: Finacle is a Unit of Edgeverve, part of Infosys, which is listed on Mumbai and National Stock Exchanges and NYSE.
Number of staff: 160,400+
It was a phased evolution which took place over several releases of Bancs 2000. Some of the code was identical, some parts of the new system were totally rewritten, and some parts were a mix of new and old code. The old system apparently stretched to 2.5–3 million lines of code whereas the new version, at its launch, spanned six million lines. Core services comprise a general ledger, transaction manager, clearing, limit management, signature verification and inventory, standing instructions, charges, and a customer information file. The retail and corporate support spans deposits, loans, and advances. The system is parameterised for product construction and workflow definition. There is an ‘extensible toolkit’ which is intended to allow the system to be linked to any third party system via hooks and triggers.
Early years
The first banks to go live were ICICI Bank and UTI Bank in India. The system looks fairly scalable, with some large users in India and, increasingly, beyond. Early moves into Asia Pacific and Western Europe came via multi-site deals with ABN Amro and State Bank of India. It built on these beginnings and gained a number of tier one and tier two takers, with an ever more common rival being SAP at the shortlist stage.
In mid-2002, the supplier added a front-to-back office treasury offering when it bought Trade IQ from IQ Financial. This system was
renamed as Finacle Treasury and is now integrated with the retail system as well as being sold as an offering in its own right. Finacle can be interfaced to the company’s internet banking solution, previously called BankAway, the J2EE version is branded as Finacle eChannel or e-Finacle. Saudi Arabia is a particular stronghold. There is also a retail delivery front-end, with Sampath Bank the first to go live with this, in 1999. In fact, Infosys has been unusual among back office system suppliers by virtue of making a success in the e-banking space, selling e-Finacle in good numbers. There are now versions for DB2 and Linux, and there has been a move towards a Service Oriented Architecture (SOA) by allowing functionality to be provided via web services. The end of 2005 brought the first use of Finacle to support Islamic banking products. Existing e-banking user, Arab National Bank, contracted for the integrated Finacle Universal Banking solution functionality.
for both conventional and Islamic banking
Development of the Islamic banking version of Finacle has been done over time. A large tranche of products were announced at the end of 2007 and included support for Ijara, Istisna, Al Tawaruq, complex Mudarabah investment and financing products and complex Murabaha investment and financing products.
Successes and setbacks In July 2007, Infosys missed out on a deal from a start-up in Saudi
Islamic Report
www.ibsintelligence.com
Arabia, Amlak Bank, which had been established by Dubai-based 129
company details
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