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Infosys bidding for BBVA contract

27 May 2008  |  7444 views  |  0 keyboard

India's Infosys Technologies is close to signing a deal with Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) for the supply of its Finacle core banking technology.

A source has told Finextra that Finacle is one of several platforms being considered by BBVA.

The bank is looking to roll out a new technology platform as part of its business transformation programme, which was disclosed last year.

BBVA said it would invest EUR5.6 billion in technology over the next three years, with around EUR2.5bn of the total spent on initiatives arising from the bank's global 'innovation and transformation' plan, which is expected to increase productivity by 15% and improve efficiency by 20%.

BBVA is expected to make a final decision on a technology platform later this week.

Earlier this year Infosys said it had invested over US$60 million in the last three years on upgrading its flagship Finacle platform. The latest version of the system includes wealth management application, an enhanced mobile banking system and a new Islamic banking option.

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