Finacle Treasury to power the Infosys Banking Business Unit’s thrust into the European Banking Market
GENEVA, Switzerland, October 2, 2002: Infosys Technologies Ltd., a world leader in consulting and information technology services, announced today that treasury and wholesale banking will be a major focus area in European market for its Banking Business Unit. Finacle, the Infosys e - Platform for the global banking industry, has recently been augmented with the acquisition of a treasury solution, which is now being marketed under the brand - Finacle Treasury.
Finacle Treasury is an integrated front, middle and back office treasury system that provides full straight - through - processing (STP) and covers the full breadth of instruments across money markets, foreign exchange, fixed income products and their derivatives. It supports full back office processing capability including General Ledger and extensive middle office features such as limits management, risk and liquidity management. Additionally, it supports continuous 24x7 trading across geographical regions with global replication capability.
Finacle Treasury, based on new generation technologies (OO design, ORB based 3 - tier architecture) and offers openness, interoperability and extensibility. Finacle Treasury is optimized for the Sun platform and leverages its powerful capabilities to provide a very high level of scalability.
Finacle Treasury clients include some of the largest top tier banking groups, investment banks and commercial banks in the world with installations in Switzerland, UK, US and Japan. Credit Suisse Group, one of the key clients, has deployed Finacle Treasury across its treasury operations in Europe and US supporting around 500 users worldwide.
"Finacle Treasury offers us a powerful combination of comprehensive functionality and new generation technology. Having a single, tightly knit front and back office platform clearly brings considerable benefits. All of the expertise of the different entities can be fed into the centre, so that the system can evolve with the group. Tasks are consolidated so that, for instance, there is a single payments team. Any changes, such as those needed for the arrival of the euro or the imminent requirements for CLS, are made only once. There is a reduction in errors, without the need to re - key information. With an organization like Infosys behind Finacle Treasury, we are confident that we will see several value added features being introduced in the product" said Bruno Langfritz, Director and Head Execution Forex - Finance and Products, Credit Suisse Financial Services.
Senior Vice President and Head Banking Business Unit, Infosys, Girish Vaidya said "Infosys is a highly successful and financially viable global company, one of our visions is to be an end - to - end player and global leader in the enterprise banking products space. Finacle Treasury, a recent addition to our Finacle suite, is a special focus area for Infosys and we are committed to investing in this product to make it a great success and a global leader in its space. We believe that in the current challenging global financial markets, Finacle Treasury with its new generation architecture and comprehensive functionality, backed by Infosys proven end - to - end global delivery capability, offers banks a unique value proposition unmatched in the industry."
Merwin Fernandes, AVP and Head Global Sales and Marketing, Banking Business Unit at Infosys said, "We have an excellent suite of world class products under the Finacle umbrella, a proven delivery track record and strong relationships with some of the largest financial institutions in the continent. The recent global joint marketing alliance with Sun along with the addition of Finacle Treasury to our suite, will enable us to rapidly expand our footprint in Europe and offer our mutual clients a whole range of new generation and highly scalable treasury solutions ready for the new age."
"Banks face increasing internal and external pressures to reduce costs and increase the efficiency of their operations. Through this strategic global alliance, Sun and Infosys are ideally positioned in the eyes of the customer to deliver a complete, end - to - end, open solution to help banks maintain their competitive edge and lower the cost of doing business," said David Littlewood, Director, Strategic Solutions, Sun Microsystems Financial Services Global Sales Organization.