UTI Bank deploys Finacle to Power its Treasury Operations
To help bank reduce operational risks
Bangalore, November 04, 2004: Infosys Technologies (NASDAQ: INFY) today announced that UTI Bank has decided to deploy Finacle to power its treasury operations. It may be recalled that the Bank is a key client of Finacle Universal Banking Solution (UBS) having already deployed Finacle core banking, e - banking and loan origination solutions.
Finacle’s highly rich functionality and new generation architecture provides comprehensive coverage of treasury products and their derivatives across foreign exchange, money markets and securities. It has powerful STP capability, integrated front - middle - back office capability, tremendous flexibility and scalability. The modular - yet - integrated design ensures a best - of - breed treasury solution seamlessly integrated with the rest of Finacle Universal Banking Solution.
“UTI Bank has been our valued client since 1999 and was the first Indian Bank to adopt Finacle as universal banking software and we are now delighted by the bank’s decision to extend the Finacle UBS footprint to the treasury space. We believe that this development is significant as it comes at a stage when banks in India as well as globally are now focusing on putting in place world class treasury solutions to meet the challenges emerging from a fast changing market. We are confident that with Finacle - a solution being used by some of the largest top tier banking groups, investment banks and commercial banks in the world across Europe, US and Asia - Pacific - we are well placed to seize this opportunity. ” said Girish Vaidya, Senior VP & Business Head - Finacle, Infosys Technologies Ltd.
Mr. V. K. Ramani, President - IT, UTI Bank Ltd. said, “Finacle is able to provide us an integrated transaction processing system that supports a variety of instruments each having unique pricing and settlement procedures. With Finacle’s enhanced functional offerings, we hope to minimize operational risk for the bank and increase efficiencies. Also, with improved product offerings in the market and higher trade volumes, we needed a solution that is highly scalable, flexible and functionally rich.”
A global player in the universal banking solutions space, Finacle has clients across all geographies. It is a fast - growing player in this space, with special focus on Tier 1 and Tier 2 banks and a customer base across APAC, Europe, Middle East, Africa, South America and North America.