Infosys' Finacle™ to replace mainframe based Systematics solution at one of the top Philippine Banks
Finacle to drive cost reductions and agile banking
Bangalore, July 06, 2004: Infosys Technologies Limited (NASDAQ:INFY) and Union Bank of the Philippines (UBP) today announced that they have signed a strategic partnership to revamp the bank’s core technology platform with Finacle, the universal banking solution from Infosys. Under the agreement, UBP will deploy Finacle across all its branches replacing its existing Mainframe based Core Banking solution. UBP is one of the top tier banks in the region to make this paradigm shift from a mainframe to an open systems environment.
Union Bank of the Philippines, among the top 10 banks in the Philippines, aims to be amongst the most preferred banks in the country, leveraging new - generation cutting edge technology to derive benefits through innovation and product differentiation and retain and expand its business and customer base. On this occasion, Mr. Justo A Ortiz, Chairman and CEO, Union Bank of the Philippines said “Our bank clearly views this as a strategic initiative to address the bank’s new business requirements respond to market changes, enhance its customer experience and empower its employees. Finacle is at the heart of this technology driven transformation strategy of the bank.”
Commenting on this win, Mr. Girish G Vaidya, Senior VP and Head - Banking Business Unit, Infosys Technologies said, “We are delighted to partner with Union Bank of the Philippines. We believe that Finacle will help the bank achieve its vision of being an acknowledged leader in service, innovation and value. This strategic breakthrough will provide an excellent reference model for banks looking at replacing their legacy based, mainframe based solution with Finacle to achieve business agility with a lower TCO.”