Finacle

Last updated

Finacle
Original author(s) Infosys
Developer(s) Infosys
Initial release1999 (1999)
Operating system Cross-platform
Type Banking software
License Commercial
Website www.edgeverve.com/finacle

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.

Contents

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]

See also

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References

  1. 1 2 3 Moorthy, Swathi (17 September 2020). "Infosys' Finacle is finally having a moment two decades after launch". Moneycontrol. Retrieved 17 August 2024.
  2. ↑ K., Giriprakash (23 August 2002). "Infosys consolidates banking suite under Finacle". Business Standard. Rediff. Retrieved 17 August 2024.
  3. ↑ "Infy eyes 10 big banks for Finacle". The Economic Times. 25 December 2006. Retrieved 17 August 2024.
  4. ↑ Franco, Jose (3 December 2007). "Infosys offers Finacle to Shariah-compliant banks". Khaleej Times. Retrieved 17 August 2024.
  5. ↑ "Infosys launches universal banking solution". The Economic Times. 29 October 2007. Retrieved 17 August 2024.
  6. ↑ "Infosys unveils Finacle 10 with new set of offerings". The Economic Times. 20 February 2008. Retrieved 17 August 2024.
  7. ↑ Mishra, Bibhu Ranjan (29 July 2008). "Finacle sniffs next wave of opportunities in RRBs". Business Standard. Retrieved 17 August 2024.
  8. ↑ "Infosys' banking software products division Finacle grows 14.8% in Q2". The Economic Times. 24 October 2011. Retrieved 17 August 2024.
  9. ↑ Crosman, Penny (18 September 2013). "Infosys Breaks Core Banking Software into Easier-to-Digest Pieces". American Banker. Archived from the original on 19 July 2019. Retrieved 17 August 2024.
  10. ↑ "Former SAP Executive Michael Reh to Head Infosys' Finacle: Report". NDTV. 7 October 2014. Retrieved 17 August 2024.
  11. ↑ Sood, Varun (13 December 2014). "Infosys' banking platform Finacle looks to invest in US-Asia Pacific". The Economic Times. Retrieved 17 August 2024.
  12. ↑ "Infosys to merge Finacle with Edgeverve". The Times of India. 16 March 2015. Retrieved 17 August 2024.
  13. ↑ Sood, Varun (15 March 2015). "Infosys to carve out Finacle, club it with EdgeVerve". Mint. Retrieved 17 August 2024.
  14. ↑ "Infosys Finacle launches blockchain based trade finance solution for banks". The Economic Times. Retrieved 17 August 2024.
  15. ↑ "Blockchain-based solutions, key to Infosys' Finacle growth plans". BusinessLine. 5 December 2017. Retrieved 17 August 2024.
  16. ↑ "Infosys to re-engineer Finacle, revamp compensation structure". Business Standard. Retrieved 17 August 2024.
  17. ↑ Giriprakash, K. (29 October 2018). "Banking on new partnerships, Finacle plays catch up". BusinessLine. Retrieved 17 August 2024.
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