Mumbai, August 20, 2004 : Infosys Technologies (NASDAQ: INFY) today announced the selection of Finacle, the Universal Banking Solution from Infosys to power State Bank of Indiaâs international operations. The bank will deploy Finacle core banking, e-banking and treasury solutions across the current operations in 20 countries and all future additions to its global operations.
Finacle will be the single integrated universal banking solution platform for SBI globally. Finacle will replace the current disparate systems across its entire international operations, thus providing the Bank a unified view of its international business, better risk management capability, enhanced MIS and a unified customer experience globally. The solution will enable SBI to offer new and innovative products & services to its customers and streamline and consolidate its technology infrastructure across international operations â present and future. With geographic scope extending across 20 countries to begin with - including Bahrain, Belgium, Canada, France, Germany, Hong Kong, Japan, Oman, Russia, Singapore, South Africa, UK and US amongst others - the partnership will also help Finacle extend and strengthen its global footprint. The deployment is expected to be completed in a record time of 12 months across 20 countries and spread across 3 global data centers in USA, UK and India.
Announcing this, Shri A K Purwar, Chairman, SBI said, "SBI has always been a pioneer in the Indian banking sector and we have aggressive plans to increase our product offerings across the globe. We are sure, Infosys a company with successful track record, will help us in our aggressive multi country roll out plans."
Mr. N R Narayana Murthy, Chairman and Chief Mentor, Infosys Technologies, said, "We are honoured and privileged to partner with State Bank of India in this strategic initiative to deploy Finacle across their international operations. Infosys views this as a strategic partnership and is committed to closely support SBIâs global plans and ambitions and deliver beyond its expectations."
Mr. Girish G Vaidya, Senior Vice President and Head- Banking Business Unit, Infosys Technologies said, "This is a very strategic win for Finacle as it significantly enhances our global footprint giving us entry into eight new countries. We are very excited to be associated with SBI, the largest bank in India and amongst global Top 100, a bank known for its aggressive strategy and vision. We will be working closely with the SBI team to enable them effectively leverage technology to achieve their business objectives and global ambitions."
Finacle is a global player in the packaged banking solutions space, with customer base across all geographies. It is the fastest-growing banking solutions player in the Indian industry with a market share of about 70%. Finacle also has a significant presence overseas with customers in APAC, Europe, Middle East, Africa and North America. Finacle differentiates itself through the quality and fitment of its product offerings, and its flawless implementation record based on Infosysâ famed Rapid Implementation Methodology. Finacleâs role is that of the bankâs strategic IT partner in their change endeavour.