Source: Infosys Technologies
Infosys Technologies (NASDAQ: INFY) today announced that UTI Bank has chosen Finacle to power their treasury operations in India. UTI Bank has gone live with the Forex module of Finacle treasury solution with plans to incorporate the other modules in a phased manner.
Finacle treasury solution customers already include some of the largest top tier banking groups, investment banks and commercial banks in the world with installations in Switzerland, UK, USA and Japan. UTI already uses Finacle core banking, CRM and e-banking solutions.
"UTI has been our valued customer since 1999 and we are pleased to broaden the scope of services we offer them. This win is a significant one for us as it indicates the readiness of Indian banks to use technology to power their treasury management functions," said Girish Vaidya, Senior VP & Business Head- Finacle, Infosys Technologies Ltd.
"Finacle is able to provide us full straight-through processing (STP) for all supported instruments from pricing to settlement. We hope to reduce our operational risk with the seamless transaction flow in the bank enabled by Finacle's interface with the core banking solution and with external data sources," said K. Ramani, President-IT, UTI Bank Ltd. "Importantly, with increased product offerings in the market and higher trade volumes, we needed a solution that is highly scalable and a functionally rich."
Finacle's highly scalable and flexible architecture provides comprehensive functional coverage of treasury products and their derivatives covering foreign exchange, money markets and securities. It comes with a powerful integration tool to interface with the bank's core banking solution and external data sources that ensures seamless transaction flow in the bank. Finacle's architecture provides scalability and offers unique features like comprehensive product range, support for STP, flexible interfaces (both inward and outward) and powerful security. The use of industry standard platforms and open technologies further contribute towards ensuring that the bank's IT investment is protected.
Finacle's product offering in treasury management was strengthened with the acquisition of the Treasury Products Division of the US-based IQ Financial Systems, Inc. in 2002.