Centurion Bank of Punjab has opted to deploy Infosys' Finacle core banking, e-banking and CRM software as the unified technology platform for the recently merged entity, displacing a Misys Equation installation at the former Centurion Bank.
The merger between Centurion and Bank of Punjab was recently approved by the Reserve Bank of India. The new entity boasts a nationwide franchise of 240 branches and extension counters and 386 ATMs. Bank of Punjab has been a Finacle client since its inception.
Annoucing the decision at a press conference, Anil Jaggia, chief operating officer, Centurion Bank of Punjab says: "With our recent merger, we were looking for a solution that can support our aggressive growth plans, quickly create a unified banking platform for the merged bank and help launch innovative products with faster time to market. Bank of Punjab’s experience with Finacle and their track record with several leading banks in India and globally was a key determinant for us in selecting Finacle."
Finacle claims to have won two-thirds of 18 core banking tenders in the Indian marketplace over the past three years.
Merwin Fernandes, VP and business head - Finacle, Infosys Technologies says the vendor is well-positioned to profit from the developing global market for legacy replacement packages among large and medium-sized banks.