Infosys
Bangalore, India
Finacle » Aimed at US regionals and super-regionals ($20b+) » One reference site in the US (Discover Financial Services) » Available on Microsoft Azure cloud and as in-house deployment » SaaS partnership talks underway for US » e-Finacle for channel banking support
Finacle Infosys
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. Most projects have gone well, albeit with a few setbacks. Its efforts in the US have been patchy, with one long-running project at Discover Financial Services but also a setback at Zions Bancorporation (where it came second to TCS with Bancs) and an unsuccessful episode at California-based Union Bank. Finacle 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, its newer modules (written in C++) were moved across, and the resultant system was launched in July 2000 as Finacle. 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 re-engineering took a couple of years and involved around 80 staff. Bancs 2000 became frozen, with no further development work. The new version brought multi-currency support, workflow enhancements with a scripting engine, a new charges module (the previous one was hard-coded), 24x7 support and web enabling, and a rewritten retail loans module. 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 (CIF). 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. The first banks to go live were ICICI Bank and UTI Bank in India. Finacle can be interfaced to the company’s internet banking solution (previously called BankAway, the J2EE version is branded as Finacle eChannels or e-Finacle). There is also a retail delivery front-end. In mid-2000, Infosys launched an electronic bill presentment and payment offering, PayAway, with early recruits being ICICI Bank in India and National Bank of Abu Dhabi.
Developments have included a version of Finacle for DB2
and Linux, as well as the movement of Finacle towards a Service Oriented Architecture (SOA) by allowing functionality to be provided via web services. Work has also been done to come up with a universal CIF to support Infosys’ own applications as well as other applications within a bank. There have been some relatively large retail deployments of Finacle, including at some domestic Indian banks. The system moved into Western and Central Europe, Asia Pacific, the Middle East, Africa and Latin America. The resultant projects tended to go well, although there have been some setbacks more recently. In April 2017, Infosys launched ‘Infosys Nia’, the next-
generation AI Platform, building on the uptake of the company’s
first-generation AI platform, Infosys Mana,
and its Robotic Process Automation (RPA) solution, AssistEdge. Infosys Nia converges the big data/analytics, machine learning, knowledge management, and cognitive automation capabilities of Mana; end-to-end RPA capabilities of AssistEdge; machine learning capabilities of Skytree; and optical character recognition (OCR), natural language processing (NLP) capabilities and infrastructure management services. Infosys Nia is expected to enable numerous industry and function-specific solutions, to suit individual business needs.
US Financial Services Technology Market Report |
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