Infosys implements Finacle Suite in Cloud for Shivalik Bank

Infosys subsidiary, EdgeVerve System, has successfully deployed its Infosys Finacle digital banking suite at the Shivalik Mercantile Co-operative Bank with the help of latest cloud technologies.

The deployment will help the bank to manage, scale, and cost-effectively power its growth, the announcement notes.

Infosys has utilized services of Cloud4C, a Finacle cloud technology partner, for highly secure, cost-effective, scalable cloud infrastructure. Cloud4C will also support end-to-end managed services with high uptime and regulatory compliance.

The solution includes a software subscription service covering Finacle core banking and Finacle digital channels solutions, mobile and internet banking offerings, end to end managed services portfolio, built-in product factory capability, API repository, and cloud elasticity.

Executive Opinion

Senior Vice President & Global Head of Sales, Infosys Finacle, Venkatramana Gosavi, said, "Co-operative banks are at the forefront of driving financial inclusion and supporting economic expansion, with deep community connect and personalized customer service. With the ongoing digital disruption in banking, banks in this space need to modernize their legacy technology platforms, to ensure they remain relevant to their customers. Our cloud offerings provide a cost-effective way to transform business and to gain flexibility to scale at will. We are pleased to power Shivalik Bank’s business with the industry leading Infosys Finacle solution suite, to accelerate its aspirational journey to become one of the largest urban co-operative banks in India."

MD & CEO, Shivalik Bank, Suveer Kumar Gupta, said, "Without technology modernization, cooperative banks face a persistent threat to their continuity, with big banks, fintechs and non-banking players investing to continuously expand their customer base. A cloud based, digital transformation solution is a cost-effective way to modernize and expand the business, while giving our customers a world class banking experience. Finacle’s integrated digital banking solution has helped Shivalik Bank achieve a transformational leap in its technology base, which together with our robust local knowledge, will help deliver high quality customer service and take forward the ‘Digital India’ Vision, especially among the underbanked population."

Infosys Finacle in Cloud at Shivalik Bank 

SaaS offering includes Finacle Core Banking and Finacle Digital Channels solutions along with internet and mobile banking offering. Infosys said that more than 300,000 unique customers are on-board with the Finacle platform.

The sub offerings individually will help to drive the value for the bank, the announcement notes. The API repository will help the bank to implement the open banking effectively, and easily collaborate with its external ecosystem which includes the fintech’s, nonbanking financial service providers, and digital business.

The company previously has also signed a deal with the Microsoft to formulate and execute the digital transformation strategy of Manila, Indonesia based business company JG Summit Holdings.

In August, Infosys partnered with Microsoft to offer smart space solutions to the Irish IT service provider Johnson Controls.

In July, MongoDB, which is an American database solution provider, has come into an agreement with the Infosys to facilitate accelerated app development for enterprises.