Technology to Power Subsidiaries in Panama, Puerto Rico and Cayman Islands
MEDELLIN, Colombia, November 13, 2012
Bancolombia, a global financial services leader, announced today that Finacle from Infosys has enabled the bank to operate a seamless platform across Latin America and consolidate operations from across the region into a single, state-of-the-art system.
Using Finacle’s universal banking solution from Infosys, Bancolombia can now monitor and interface with all its branches around the clock. This means the bank can get a 360-degree view of all of its clients transactions, including high-net-worth clients who use foreign currencies across multiple subsidiaries. Whether it’s a bank in Panama, Puerto Rico, or the Cayman Islands, Bancolombia now operates all back-office functions using one platform.
Finacle also gives Bancolombia a competitive edge by helping it process transactions in real-time. The bank had become accustomed to collecting its transactions and processing them overnight. Bancolombia’s ability to enter transactions immediately is critical to decreasing costs as it expands across Latin America.
“Finacle is an across-the-board solution that integrates our regional operations. Because of the technology Finacle delivers, Bancolombia is more nimble than it’s ever been,” said Carlos R. Yepes, President, Bancolombia. “This flexibility has been key in getting closer to our clients through our subsidiaries, who now feel only a heartbeat away from our organization as a whole.”
Supporting multiple languages, Finacle is an effective solution for both Spanish- and English-speaking subsidiaries, and is tailored to accommodate banking requirements in every region Bancolombia operates.
“Finacle gives Bancolombia an enormous competitive edge,” said Haragopal Mangipudi, Global Head, Finacle, Infosys. “Bancolombia can now get new products to market within days and they’re able to clear payments and loans immediately because of straight-through processing. Finacle centralizes all of the bank’s vital functions into one, easy-to-operate platform.”
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