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Finacle From Infosys Powers the Digital Commerce Revolution to Unlock New Revenue Streams and Extend Banking Reach
Bangalore, India, London And New York (ots/PRNewswire) - Standard Bank chooses Finacle digital commerce solution to drive agency
banking and increase financial service efficiency across Africa
Infosys, a global leader in consulting and technology, announced another successful partnership sparked by its recently unveiled Finacle(TM) digital commerce solution. Finacle(TM) will power agency banking for Standard Bank and help the bank extend service channels across its markets in Africa. This new alternate channel for the bank will offer value-added financial services to consumers, in Africa, while also reducing cost of operations for the bank.
Finacle(TM) digital commerce solution helps unlock new revenue streams not only for financial institutions, but also telecom service providers and retailers by enabling instant cashless payments and commerce between merchants and consumers. The solution empowers consumers to consolidate payment instruments such as accounts, cash or cards, on a single digital wallet, made accessible anytime, anywhere on their preferred digital channel. Standard Bank, leveraging Finacle(TM), will onboard and manage agents, using the mobile or Internet channels, to service remote customers cost-effectively. The solution will enable agents to offer a host of services ranging from customer on-boarding, cash deposits, cash withdrawal and banking transactions, to service requests.
Commenting on the partnership, Terry Moodley, Chief Executive, Personal and Business Banking Africa at Standard Bank, said: "Mobility is a critical component of our business growth in Africa. We see the rapid proliferation of mobile services, and that, in some areas, Africa is leading the way for the rest of the world. It's a dynamic space and we need to be agile in our response to continually evolving opportunities. We must be flexibility to innovate and differentiate ourselves in the marketplace. Finacle(TM) digital commerce solution, from Infosys, provides us with the technology platform to realize our mobility strategy and to positively impact the communities in which we operate."
According to Haragopal Mangipudi, Global Head - Finacle, Infosys, "With Finacle(TM) digital commerce, we aim to accelerate innovation for financial institutions, telecom providers and retailers. We believe there is a growing market for payments, and cost-effective agency services, driven by access to digital channels. Our partnership with Standard Bank is a great example of how organizations can harness the immense potential of digital money to extend banking reach and spark new growth opportunities."
Finacle(TM) digital commerce is a multi-channel wallet offering that supports both assisted and self-service channels such as the Internet, mobile, ATM, kiosks and IVR. The solution is ubiquitously available across mobile platforms, access modes and devices, and is built with robust security at the transmission, application and data levels. The comprehensive service portfolio features:
- Digital wallet management: Consumer, corporate and stored value wallets with funding options including cash, prepaid cards, bank account, credit and debit card - Comprehensive payments framework: Funds transfer, utility bill payments, merchant payments, Peer to Peer (P2P) payments including cash deposit, withdrawal and international remittances through remote or contactless modes - Customer on-boarding: Self registrations through the Web and SMS. Bulk registrations, KYC checks and custom approvals supported - Agency services: Agent on-boarding, commissions, product origination and servicing - Ecosystem management: Merchant on-boarding, payments, settlements and reconciliations
Built on an industry standard architecture, using J2EE, Finacle(TM) digital commerce solution employs a standard interface for seamless integration and features a 'product factory' to launch and deploy services rapidly. The solution is slated to significantly simplify payments and access to banking services.
About Standard Bank
Standard Bank Group is the largest African bank by assets and earnings. Standard Bank trades in 18 countries on the African continent, including South Africa, and 13 countries outside Africa with an emerging market focus. In some markets Standard Bank trades as Stanbic Bank.
About Finacle(TM) Universal Banking Solution:
Finacle from Infosys partners with banks to power-up their innovation agenda, enabling them to differentiate their products and service, enhance customer experience and achieve greater operational efficiency. This proven and effective framework for multi-disciplinary change, enables banks to shift their strategic and operational priorities. Finacle solutions address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks worldwide. Several powerful and differentiating features make Finacle one of the most comprehensive, flexible and scalable universal banking solutions in its class. These solutions, when associated with Finacle services, empower banks to maximize their opportunities for growth, while minimizing the risks that come with large-scale business transformation. For more information, visit http://www.infosys.com/finacle
Many of the world's most successful organizations rely on the 150,000 people of Infosys to deliver measurable business value. Infosys provides business consulting, technology, engineering and outsourcing services to help clients in over 30 countries build tomorrow's enterprise.
For more information about Infosys , visit http://www.infosys.com
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2011 and on Form 6-K for the quarter ended June 30, 2011 September 30, 2011 and December 31, 2011.These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
For more information, press only:
Joya Ahluwalia - Infosys Press Office, Infosys Limited,