Mauritian Bank upgrades to Infosys' Finacle 10

Finacle 10 is a version of Infosys' core banking solution that was launched in 2008

India's second largest information technology (IT) services company Infosys today said that Mauritius Post and Cooperative Bank (MPCB) has upgraded to Finacle 10, a version of Infosys' core banking solution that was launched in 2008.

The upgraded version, which was deployed over 10 months, will support the bank's growth plans, and also allow it to develop and launch products faster, Infosys said in a press release today.

"Mauritius is seeing increased competition in the banking sector, along with rapidly evolving customer expectations. The upgrade to Finacle 10 gives MPCB a modernised platform to deliver the full spectrum of retail, corporate and trade finance services to its customers," said Venkatramana Gosavi, VP and regional head-growth markets for Infosys Finacle. "As the bank grows, this robust and scalable platform will ensure the flexibility it needs to selectively upgrade and strengthen its capabilities across areas like credit, liabilities and corporate services, among others."

Developed in 1999, Finacle has been Infosys' most successful product till date. It commands 60-65% of the core banking product space in India.

The Finacle business clocks around $300 million in revenue annually and has been growing at a compounded annual rate of around 20% over the past five years. Finacle also commands 60-65% of the core banking product space in India.

In 2008, Infosys had launched the Finacle 10 version, and said that it has invested 240,000 person days in developing this "highly sophisticated and advanced" version.