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Infosys Finacle, Santander UK launch new cash management platform

Infosys Finacle, Santander UK launch new cash management platform
Photo Credit: Reuters
22 Jul, 2021

Infosys’ digital core banking offering Finacle and Santander UK have announced the roll out of an international cash management platform as part of the ongoing digital transformation programme at the bank.

Santander Global Connect will be powered by the Finacle Cash Management Suite that includes the Finacle Digital Engagement Hub, Finacle Online Banking, Finacle Payments and Finacle Liquidity Management solutions, the company said in a statement.

Santander Global Connect is a cash management platform designed to support the international growth plans for Santander’s corporate and commercial customers, it added.

The first release of the platform, which is currently in pilot, provides customers with access to view liquidity held globally. Subsequent releases will enable self-service digital capabilities to manage, control, and mitigate cash and business risk, all from a single portal.

"This new platform will allow us to support UK businesses of all sizes to seamlessly manage their international transaction and cash management banking needs.  It will also help us to develop and grow relationships with existing customers and support the international growth needs of new customers. By collaborating with Finacle, we’re able to offer our customers a crucial tool to support both them and our own international banking strategy now and in the future,” John Carroll, Head of International and Transactional Banking, Santander UK, said.

"With the increased volatility and complexity of the global business environment, corporate treasurers need to monitor and manage their liquidity positions and working capital in real-time. We are excited to extend our partnership with Santander UK to enable this for their corporate and commercial banking customers. The new platform will power innovative global cash and liquidity management services, along with much-needed flexibility, openness, and self-serve capabilities," Sanat Rao, chief business officer and Global Head, Infosys Finacle, said.

Santander UK is a financial services provider in the UK that offers a personal and commercial financial products and services. At the end of December 2020, the bank had around 21,900 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking.

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.

Last month, Finacle launched a digital banking software-as-a-service (SaaS) product for India based urban cooperative banks (UCB).