Software:Finacle

From HandWiki
Finacle
Original author(s)Infosys
Developer(s)Infosys
Initial release1999 (1999)
Operating systemCross-platform
Service nameInfosys Finacle Banking
TypeBanking software
LicenseCommercial
Websitewww.finacle.com

Finacle is a banking software developed by Infosys. Finacle was created in 1999 as a core banking software suite and has been a part of Infosys' subsidiary EdgeVerve Systems since 2015.

History

Infosys launched Finacle in 1999 as a software package providing banking process automation and digital banking services.[1] In 2002, Infosys consolidated its other banking software products, including BankAway and PayAway, under Finacle.[2]

In 2006, Finacle reported that it generated about 69% of its total revenue from overseas locations, largely from banks and financial institutions in the EMEA region.[3][4] In 2007, Finacle released its Bank-in-a-Box (BIAB) software framework.[5] In 2008, Finacle added Islamic banking, wealth management, mobile banking,[6] and rural banking capabilities.[7]

In 2010, Finacle reported around $300 million in annual revenue.[8] In 2013, American Banker noted that the new version of Finacle allowed the purchase of individual modules.[9] In 2014, Finacle global head Mangipudi Haragopal resigned and was replaced by Michael Reh.[10][11]

In 2015, Infosys merged Finacle with its software products subsidiary EdgeVerve Systems.[12][13] Under EdgeVerve Systems, Finacle became a cloud-based platform, and included customer relationship management and payments offerings.[1] In 2017, Finacle released Trade Connect, a blockchain-based trade finance application for banks.[14][15]

Operations

Finacle had 6,000 employees in 2015.[16] As of 2020, Finacle claimed that it was being used by banks in over 100 countries.[17][1][18]

See also

Note: This topic belongs to "Banking " portal

  • TCS BaNCS
  • Temenos AG

References

  1. ↑ 1.0 1.1 1.2 Moorthy, Swathi (17 September 2020). "Infosys' Finacle is finally having a moment two decades after launch". Moneycontrol. https://www.moneycontrol.com/news/business/infosys-finacle-is-finally-having-a-moment-two-decades-after-launch-5817511.html. 
  2. ↑ K., Giriprakash (23 August 2002). "Infosys consolidates banking suite under Finacle". Business Standard (Rediff). https://www.rediff.com/money/2002/aug/23infy.htm. 
  3. ↑ "Infy eyes 10 big banks for Finacle". The Economic Times. 25 December 2006. https://economictimes.indiatimes.com/tech/software/infy-eyes-10-big-banks-for-finacle/articleshow/925214.cms. 
  4. ↑ Franco, Jose (3 December 2007). "Infosys offers Finacle to Shariah-compliant banks" (in en). Khaleej Times. https://www.khaleejtimes.com/business/infosys-offers-finacle-to-shariah-compliant-banks. 
  5. ↑ "Infosys launches universal banking solution". The Economic Times. 29 October 2007. https://economictimes.indiatimes.com/infosys-launches-universal-banking-solution/articleshow/2500166.cms. 
  6. ↑ "Infosys unveils Finacle 10 with new set of offerings". The Economic Times. 20 February 2008. https://economictimes.indiatimes.com/tech/software/infosys-unveils-finacle-10-with-new-set-of-offerings/articleshow/2799107.cms. 
  7. ↑ Mishra, Bibhu Ranjan (29 July 2008). "Finacle sniffs next wave of opportunities in RRBs". Business Standard. https://www.business-standard.com/article/technology/finacle-sniffs-next-wave-of-opportunities-in-rrbs-108072901047_1.html. 
  8. ↑ "Infosys' banking software products division Finacle grows 14.8% in Q2". The Economic Times. 24 October 2011. https://economictimes.indiatimes.com/markets/stocks/earnings/infosys-banking-software-products-division-finacle-grows-14-8-in-q2/articleshow/10471769.cms. 
  9. ↑ Crosman, Penny (18 September 2013). "Infosys Breaks Core Banking Software into Easier-to-Digest Pieces" (in en). American Banker. https://www.americanbanker.com/news/infosys-breaks-core-banking-software-into-easier-to-digest-pieces. 
  10. ↑ "Former SAP Executive Michael Reh to Head Infosys' Finacle: Report" (in en). NDTV. 7 October 2014. https://www.ndtvprofit.com/business/former-sap-executive-michael-reh-to-head-infosys-finacle-report-675900. 
  11. ↑ Sood, Varun (13 December 2014). "Infosys' banking platform Finacle looks to invest in US-Asia Pacific". The Economic Times. https://economictimes.indiatimes.com/tech/ites/infosys-banking-platform-finacle-looks-to-invest-in-us-asia-pacific/articleshow/45499858.cms. 
  12. ↑ "Infosys to merge Finacle with Edgeverve". The Times of India. 16 March 2015. https://timesofindia.indiatimes.com/tech-news/infosys-to-merge-finacle-with-edgeverve/articleshow/46579476.cms. 
  13. ↑ Sood, Varun (15 March 2015). "Infosys to carve out Finacle, club it with EdgeVerve". Mint. https://www.livemint.com/Companies/XsByY3Z6uHcvr3np3yyyiL/Infosys-to-carve-out-Finacle-club-it-with-EdgeVerve.html. 
  14. ↑ "Infosys Finacle launches blockchain based trade finance solution for banks" (in en). The Economic Times. https://cio.economictimes.indiatimes.com/news/enterprise-services-and-applications/infosys-finacle-launches-blockchain-based-trade-finance-solution-for-banks/61849395. 
  15. ↑ "Blockchain-based solutions, key to Infosys' Finacle growth plans" (in en). BusinessLine. 5 December 2017. https://www.thehindubusinessline.com/info-tech/blockchainbased-solutions-key-to-infosys-finacle-growth-plans/article9983350.ece. 
  16. ↑ "Infosys to re-engineer Finacle, revamp compensation structure". Business Standard. https://www.business-standard.com/article/companies/infosys-to-re-engineer-finacle-revamp-compensation-structure-115041300355_1.html. 
  17. ↑ Giriprakash, K. (29 October 2018). "Banking on new partnerships, Finacle plays catch up" (in en). BusinessLine. https://www.thehindubusinessline.com/info-tech/banking-on-new-partnerships-finacle-plays-catch-up/article25362670.ece. 
  18. ↑ "Infosys Finacle drives secure agility for a major digital bank" (in en-GB). https://partner.microsoft.com/en-GB/case-studies/infosys-finacle. 

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