Infosys Finacle, partners launch digital banking suite for urban coop banks

Infosys on Thursday said that its digital core banking offering Finacle has added a digital banking software-as-a-service (SaaS) product for India based urban cooperative banks (UCB).

The new solution, developed in partnership with Saraswat Infotech and Best of Breed Software Solutions, will help modernize UCB’s business and operations, as per a statement.

Finacle has signed on three UCBs to kick off the new offering’s deployment -- Pune headquartered Vidya Sahakari Bank, Bareilly based Urban Co-operative Bank, and Mumbai based Zoroastrian Co-operative Bank, the statement said.  

The end-to-end digital banking solution suite, delivered as a subscription, includes Finacle Core Banking and other solutions from Finacle partners. Add-on solutions for clientele include adoption of features such as ATM switch, mobile banking, and internet banking.

With end-to-end managed services, UCBs will benefit from an opex model of spending for their technology transformation, ensuring that banks only pay for what they use without significant upfront investments.

“UCBs’ geographic and demographic reach within the urban and rural populace is unmatched, not to mention the richness of the banking relationship with their customers... With Infosys Finacle, we are able to fully embrace our digital-first vision and we look forward to differentiating ourselves with a winning combination of a strong community presence and tech-powered, innovative, contextual, banking products,” Vidya Sahakari Bank chairman Vidyadhar Anaskar said.

Anaskar is also chairman of Maharashtra Urban Cooperative Banks Federation and vice president of National Federation of Urban Cooperative Banks and Credit Societies.

Finacle is part of EdgeVerve Systems, a wholly owned subsidiary of Infosys. Its systems are deployed in banks in over 100 countries, operating 1.3 billion accounts.