Infosys to invest additional $10m in Finacle core banking product

Infosys to invest additional $10m in Finacle core banking product

India's Infosys Technologies is investing an additional $10 million in its core banking software Financle and is also expanding its staff in Europe and Asia Pacific to drive sales of the product.

According to a report by India's Economic Times, Girish Vaidya, president and head of Infosys' banking business unit, told analysts that in addition to expanding the sales force in Europe and Asia Pacific, the firm will also substantially increase its engineering and domain teams to fast track product development.

New product offerings include the Web-based cash management and wealth management systems.

The Bangalore-based firm is hiring staff at a rapid rate, states the report, having added 2305 employees in the first quarter of the year.

Infosys says the annual size of the market for its banking products is $1bn.

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