Finacle
 |
|
| Original author(s) | Infosys |
|---|---|
| Developer(s) | Infosys |
| Initial release | 1999 |
| Stable release |
10.2.09 / November 1, 2011
|
| Development status | Active |
| Written in | Java, C/C++ |
| Operating system | Cross-platform |
| Type | Banking software |
| License | Commercial |
| Website | www |
Finacle is a core banking product developed by Indian corporation Infosys that provides universal banking functionality to banks. Finacle was built under the leadership of Sharad Hegde who served as CTO of the firm. In August 2015, Finacle became part of EdgeVerve Systems Limited.
Finacle is used by banks across 84 countries that serve over 450 million customers. Finacle has a strong focus on product strategy and a global market presence.
In 2003, India’s largest bank, State Bank of India (SBI), deployed Infosys’s Finacle core banking, e-banking and treasury solutions across its global operations (except in India). Finacle was implemented in 25 countries across the world. The bank's global business operations were standardised on the Finacle platform, on three data centres in the US, UK, and India. These three data centres were later downsized to a single one in India, while upgrading the entire system. This achieved a reduction in cost. The bank was also able to offer more products, roll them out faster, and roll them out globally.
DBS Bank, Singapore, selected Finacle Universal Banking Solution from Infosys as the core banking platform for the programme. The bank ventured on the implementation of Finacle in Singapore and its key markets across the region to deepen its leadership in the market with advanced core banking product offerings, and strengthen its technology platform. Finacle was implemented in 13 countries.
In 2008, Finacle was implemented at Punjab National Bank, India’s second largest public sector bank at all its 4,604 branches and extension counters on Sun infrastructure and the Oracle database. The bank said that the solution was rolled out across 100 per cent of PNB’s branches in record time. The bank had 22,500 concurrent users on the Finacle platform, with the number of peak transactions at 3.5 million.
In 2009, Emirates NBD, created from the merger of two leading banks in Dubai (Emirates Bank and National Bank of Dubai) implemented Finacle to be the solution "core to the merger" for facilitating the bank's expansion plans into the region.
In 2011, Finacle was set to enter the United States market via a deal with Union Bank N.A. of California, reported at a value of US$20 million. The deal was however called off by the bank in the same year.
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