year because that will be a year of investment,’ he said during a conference call discussing the results. In terms of the bigger picture at Infosys, CEO and MD, S D Shibulal, announced that he was to retire. Around the time of the announcement, Chandrashekar Kakal, senior vice-president and head of business and IT services operations at Infosys, resigned. On the US front, the outcome at Discover Financial Services is awaited, although the e-channel deal at Eastern Bank was a step in the right direction for Infosys. In 2015, Infosys was targeting large regional banks for
onsite deployment, with assets north of $20 billion with Finacle, and was bidding for around ten such projects over the last year. The successful cut over at Discover Financial Services has undoubtedly been a milestone for the vendor, and so has the signing of Eastern Bank for its channel software, e-Finacle. Interestingly, in both cases, the banks are moving away from an outsourced set-up to an onsite deployment (Discover is moving off a Fiserv platform and Eastern Bank is replacing FIS). Infosys has finally announced a tie-up in 2015, which has been on the way for some time, whereby its Finacle core banking system plus e-banking and mobile front-ends will be offered to US community banks on the cloud via New York- based telecom specialist, Verizon. The platform to underpin this is Verizon Cloud, described as a free storage service that lets subscribers back up contacts, photos, videos, music and documents. The Finacle suite will be offered on a pay-as-you- go basis. In April 2015, Infosys announced an extension to its partnership with Microsoft Corp. As part of this collaboration, the Finacle suite of solutions will be available on Microsoft Azure. This offering will allow banks to utilize Finacle’s award- winning solutions, along with the robust capabilities of Azure, facilitating them to operate at lower costs and with greater agility.
Payveris, an online and mobile digital payments company headquartered in Connecticut. The two entities
In August 2015, Infosys announced a partnership with will
together provide integrated payment solutions to banks and credit unions throughout the United States. The
Recent Activity
About 50% of the 154 new universal banking system sales made in 2015 remained with the top three players. The leadership position was retained by Temenos (34), followed by Oracle (28) and Infosys (16). Hong Kong-based Fubon Bank selected a new core banking
system in the shape of Infosys Finacle. The choice of Finacle was underpinned by the bank’s need for modernization. A new system, the bank hopes, will enable it to offer a more service- oriented approach. Fubon Bank is a subsidiary of a Taiwanese financial services group, Fubon Financial Holding Co. The bank’s legacy set-up includes Misys’ older core software offering, Bankmaster, which will be replaced with Finacle. India Post Bank has started processing payments in
2017 following a number of lengthy delays. The post office’s financial services are seen as a viable provider for India’s rural
US Financial Services Technology Market Report |
www.ibsintelligence.com 93
offering will enable bill payments and innovative money movement services such as interbank transfers and person-to-person payments. Through this partnership, the two organizations will integrate Finacle Universal Banking Solution and Payveris’ modular, open API-driven Digital Payments Platform to offer cloud-based banking services to community financial institutions in the U.S. The fully integrated solution will allow financial institutions to increase agility and efficiency of their operations, accelerate growth and improve customer experience across channels. The partnership will strengthen Infosys Finacle’s core banking, e-banking and mobile banking offerings in the U.S. through the addition of Payveris’ omni-channel digital payments capability.
Infosys launched a new offering: ‘Finacle as a managed service on Oracle Cloud, in November 2015. Infosys claims banks can use the solution suite, along with other enterprise-class applications, hosted on premise or in an external environment. Finacle will become one of the ‘first’ banking platforms to be available as a managed service on Oracle Computer Cloud. In addition, Infosys claims it will offer a choice of no-maintenance cloud infrastructure that can be used on demand for infrequent and seasonal activities such as development, testing, and training. Banks can choose to use the entire banking platform as a managed service or can use specific services such as payments.
In September2016, Infosys announced the launch of Skava Commerce, a modular e-commerce platform. The platform was developed by Skava, a Silicon Valley based e-commerce startup that was acquired by Infosys. Skava Commerce is expected to allow businesses to leverage flexible
cloud-based November microservices and white 2016, Marcus by Goldman label
applications to quickly launch new offerings, create highly responsive digital properties, and more. In
Sachs
implemented the Finacle Core Banking Solution for its consumer lending operations.
population, of which a majority do not have access to banking. 230 million Indians, however, do hold savings accounts with the Post Office, which has 139,144 locations across rural areas of the country. In April 2017, Al-Ahli Bank of Kuwait (ABK) went live with the Finacle core banking system at its two branches in the UAE (Dubai and Abu Dhabi). The bank’s domestic operations including its head office and 31 branches in Kuwait are also expected to intermittently go live with the Finacle system. In May 2017, MauBank, a leading bank in the Republic of Mauritius, announced the adoption of Finacle’s Leasing Solution for its strategic leasing services business.
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