SBI settles for Infosys' Finacle

Infosys Technologies has announced that the State Bank of India has selected Finacle, a universal banking solution from Infosys, for SBI's 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.

The deployment is expected to be completed in a record time of 12 months across 20 countries and spread across three global data centres in USA, UK and India.

Finacle will be the single integrated universal banking solution platform for SBI globally. It will replace the current systems across its entire international operations, thus providing the bank a unified view of its international business, better risk management capability and a unified customer experience globally. The solution will enable SBI to offer new and innovative products and services to its customers and consolidate its technology infrastructure across international operations.

According to A K Purwar, chairman, SBI, "We are sure, Infosys, a company with a successful track record, will help us in our aggressive multi-country roll out plans."

N R Narayana Murthy, chairman and chief mentor, Infosys Technologies, said, "Infosys views this as a strategic partnership and is committed to closely supporting SBI's global plans and ambitions and deliver beyond its expectations."

With geographic scope extending across 20 countries including Bahrain, Belgium, Canada, France, Germany, Hong Kong, Japan, Oman, Russia, Singapore, South Africa, UK and US amongst others, the partnership is also expected to help Finacle extend and strengthen its global footprint.

Finacle is a global player in the packaged banking solutions space, with customer base across all geographies. The company claims to have a 70 per cent share in the Indian banking software market.