Gartner slots Infy's Finacle as leader

Finacle, the core banking software product from Infosys, has been positioned in the Leader Quadrant in the recently released 'Magic Quadrant for International Retail Core Banking (ICRB) 2006' report.

This is the first time that Gartner has brought out a report on the core banking software sector.

The product which contributes around $86 million (around Rs 380 crore) to the $2.6 billion Infosys' top line, employs around 2,500 people and derives nearly 65 per cent of its revenues from global markets such as Asia-Pacific, Latin America and Europe and West Asia. Finacle has around 85 clients globally and 30 of them are Indian customers.

According to Infosys, the Magic Quadrant has 15 weighted criteria that plot vendors based on their relative strengths in the market.

"Magic Quardrant for IRCB assesses the impact of transition and volatility in the market, vendor consolidation trend, and a technology evolution that promises to enhances business agility on key international vendors and their products to serve this market," the company added.

Speaking on this recognition, Merwin Fernandes, VP & Business Head, Finacle, Infosys Technologies said: "We believe our position in the Leaders Quadrant in the Gartner Magic Quadrant is another key milestone that unambiguously reinforces Finacle's leadership in the retail core banking solution space."

According to Gartner: "Leaders are vendors that possess a strong banking market understanding, have a measurable strategy for disaggregating core banking software functionality into component-based constructs, exhibit highly developed and certified development and delivery of quality methodologies, and have extensive marketing delivery and sales channels."