Bangalore, India – August 18, 2022
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY), and Suryoday Small Finance Bank (SSFB), today announced the successful implementation of the Finacle Core Banking Platform and Finacle Treasury Platform. Finacle will now power SSFB’s retail, corporate and payment engines in an on-premise model, supported by IBM’s infrastructure stack.
SSFB, one of India’s leading small finance banks caters to over 1.9 million customers through its 565 branches. With the industry leading Finacle digital banking platform, the bank is well placed to achieve its vision of creating a ‘new age bank’ designed to deliver on its primary commitment of financial inclusion.
Baskar Babu Ramachandran, Managing Director and Chief Executive Officer, Suryoday Small Finance Bank, said, “Upgrading to a modern digital banking platform like Infosys Finacle is a big move for Suryoday Small Finance Bank, and one that will help us achieve our dream of becoming a new age bank, much faster. With a sharp focus anchored on customer centricity & experience, the Finacle platform will further power our growth plans and help enlarge our operations, while ensuring significantly lower operating costs and superior customer service.”
Sajit Vijayakumar, Chief Operating Officer, Infosys Finacle, said, “We are very pleased to welcome Suryoday Small Finance Bank to the Finacle family and to accompany the bank in its modernization and growth journey. This seamless go-live is a testimony to our proven capabilities and experience in helping financial institutions of any size pursue an inside out, truly digital transformation. With Finacle, we are confident that Suryoday Small Finance Bank will be able to drive better banking for all its customers.”
Finacle is an industry leader in digital banking solutions. We are a unit of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys (NSE, BSE, NYSE: INFY). We partner with emerging and established financial institutions to help inspire better banking. Our cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence. Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions. Today, banks in over 100 countries rely on Finacle to help more than a billion people and millions of businesses to save, pay, borrow, and invest better. For more information, visit www.finacle.com
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements 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 COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, 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 and the US, 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, 2022. 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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