Implements a modern platform to power its digital banking strategy
Bengaluru & Doha – December 20, 2018
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and QNB, the largest financial institution in the Middle East and Africa, announced the successful implementation of the Finacle Payments Hub as part of the bank’s digital transformation strategy. QNB, which operates across more than 31 countries in Africa, Asia and Europe, is consolidating its multiple payment engines and has replaced them with the unified, multi-currency and multi-entity enabled enterprise payments hub from Finacle. With this, QNB has gained a real-time payments platform, with proven scalability to meet emergent business needs and agility to respond swiftly to emerging market trends.
Adel Al Malki, General Manager – QNB Group Information Technology, said, “In the digital disruption that is impacting banking, the payments space is probably the most dynamic and fast paced. Our payments modernization project based on the Infosys Finacle Payments Hub is aimed at not just giving our business efficiency a boost, but making QNB fit for a truly digital future. With this transformation, our aim is to ensure QNB is better equipped to manage change in the payments space and provide our customers a greater degree of reliability, thereby cementing our position as a leading financial powerhouse in the Middle East.”
Venkatramana Gosavi, SVP & Global Head of Sales, Infosys Finacle, said, “The payments space is undergoing a massive shift globally, with new industry initiatives, non-traditional competition, and technology developments. Many institutions, with their legacy applications and payment process siloes, are finding it a challenge to effectively sail through these shifts. With the Finacle Payments Hub, QNB has established a strong foundation to navigate through these changes and drive payments innovation and operational excellence.”
Qatar National Bank (Q.P.S.C.) (QNB Group) was established in 1964 as the country’s first Qatari-owned commercial bank, with an ownership structure split between the Qatar Investment Authority (50%) and the remaining (50%) held by members of the public.
QNB Group has steadily grown to be the biggest bank in Qatar and the largest financial institution in the Middle East and Africa region.
The Group’s presence through its subsidiaries and associate companies now extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services to more than 23 million customers. The total number of employees around 29,000 operating through more than 1,200 locations, with an ATM network of more than 4,300 machines.
Based on the Group’s consistent strong financial performance and its expanding international presence, QNB is currently ranked as the most valuable bank brand in the Middle East and Africa, according to Brand Finance Magazine.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2018. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.