Infosys’ Finacle on Microsoft .NET to power Banque Saudi Fransi e-cash initiative
Infosys establishes market dominance with 4th successive win in Saudi Arabia
Bangalore, December 01, 2003: Infosys announced today that Banque Saudi Fransi (BSF) has chosen Finacle eCorporate, the web-based cash management and corporate e-banking solution from the Finacle suite, on Microsoft .NET software, for its strategic e-banking initiative. This is the 4th win in a row for Finacle within 18 months in Saudi Arabia. With this, Finacle has emerged as the preferred choice in the corporate e-banking and web-based cash management space in regional market.
Banque Saudi Fransi is a Saudi Arabian Joint Stock Company that ranks 5th among kingdom's banks by Net Income and is the 2nd largest foreign bank. It is affiliated with Crédit Agricole Indosuez (CAI), which holds an equity stake of 31.1%. CAI is the Corporate Banking and Investment arm of Crédit Agricole Group, the largest bank in France, and among the world's top ten banks by total equity.
Announcing this, Mr. Mohamed Ghanameh, Head of Corporate Banking with Banque Saudi Fransi said: "Finacle eCorporate on Microsoft .NET emerged as the platform of choice for the advanced web based services that we wish to deliver to our diversified and growing corporate client base. It was imperative for us to find a comprehensive and flexible solution on a robust industry standard platform, which could meet the sophisticated Corporate banking needs of our clients and provide the bank the required business agility and architectural flexibility in a fast evolving and highly competitive environment. We are confident that Infosys' global experience and expertise coupled with their world class product and Microsoft's industry leading platform will enable us deploy a fully secured and cost efficient solution, creating true-value to our corporate customers".
Mr. Merwin Fernandes, Vice President and Global Head - Sales & Marketing, Banking Business Unit, Infosys Technologies Ltd. said, "We are delighted that Banque Saudi Fransi has chosen Finacle. This is a testimony of how Finacle's comprehensive web based cash management and corporate e- banking offering is meeting the needs of advanced banks in the region like BSF. A key facet of this win is the combined Infosys-Microsoft solution stack that is emerging as a formidable and unbeatable value proposition to banks in the region. Winning all 4 banks in Saudi Arabia that decided on a new system in this space over the last 18 months, Finacle has established a clear competitive leadership in the regional market. Middle East region in general and Saudi Arabia in particular are a key focus area for our banking solutions and we have made significant investments in localizing our solutions and are now making further investments in strengthening our sales and support infrastructure in the region. Banks in the region are looking for change, a fresh perspective and our Finacle suite of world class, new generation localized banking solutions, coupled with Infosys' proven delivery track record, offer banks a low risk and low Total Cost of Ownership solution to enable them to reduce costs, gain business agility and create competitive differentiation."
Mr. Warren Lewis, Managing Director - Banking Industry, Financial Services Group, Microsoft Corp states, "This is further evidence that strong partner solutions like Finacle eCorporate, when coupled with the Microsoft Windows Server Family of enterprise software, can help position financial institutions to better serve their customers, transform their businesses, reduce inefficiency, and break away from their competitors-while building capacity for continuing innovation."