Bangalore, India and Manama, Bahrain – August 3, 2020
National Bank of Bahrain (NBB), the Kingdom’s leading provider of retail and commercial banking services, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), today announced the bank’s decision to adopt the Finacle Cash Management Suite to digitally transform its transaction banking business.
NBB will be implementing the Finacle Liquidity Management Platform, and upgrading its existing Finacle Corporate Online Banking platform to a full-fledged Digital Engagement Suite - with the latest versions of the Finacle Corporate Online and Mobile Banking solutions, along with the Finacle Digital Engagement Hub.
Hisham Al Kurdi, Chief Executive – Corporate and Institutional Investment Banking, National Bank of Bahrain said, “This partnership comes as part of NBB’s digital transformation, with the upgrades provided by the suite set to equip the Bank with a modern system capable of delivering simple and seamless service for our clients. The front-to-back integrated cash management solution from Infosys Finacle will enable us to deliver a world-class banking experience to our corporate and institutional customers, thereby driving the growth of our transaction banking business.”
Venkatramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said, “We are happy to extend our relationship with NBB and be the preferred partner for their digital transformation program. This deployment of our industry leading digital cash management solution suite on a non-Finacle core banking platform is a perfect example of the adaptability of Finacle solutions and its ability to power digital transformation for banks in a progressive and seamless manner.”
National Bank of Bahrain B.S.C. (“NBB”), was established in 1957 as Bahrain’s first locally owned bank, incorporated under the laws and regulations of the Kingdom of Bahrain. NBB has grown steadily to become the Kingdom’s leading provider of retail and commercial banking services. With a major share of the total domestic and commercial banking market and the largest network of branches and ATMs, NBB plays a key role in Bahrain’s economy. NBB continues to diversify and develop capabilities to capture business opportunities in the Gulf Region and international markets with the Abu Dhabi and Riyadh branch leading the way in this initiative. NBB is listed publicly on the Bahrain Bourse.
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 mentioned 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, time and cost overruns on fixed-price, fixed-time frame contracts, 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, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. 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, 2020. 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. 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.
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