27 May 2018

Infosys wins five-year IT revamp deal at Commerzbank

23 May 2016  |  3611 views  |  0 Source: Infosys

Infosys (INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has won a five-year contract with Commerzbank, the second largest bank in Germany.

As part of this agreement, Infosys will remodel the bank's investment banking IT architecture, optimize IT processes, and evaluate a potential Post-Trade Processing Utility. The Utility would then focus on the clustering of trade processing platforms across various product types.

Both partners will collaboratively establish a domain-based Center of Competence aligned to Commerzbank's business functions within its Corporates and Markets segment

Reflecting the Design Thinking ethos, Infosys and Commerzbank will work towards creating a culture of continuous learning and education. Infosys will set-up an exclusive online and physical academy for Commerzbank to enable cross-skilling and continuous learning of both teams

Infosys will also help contribute to further streamline the investment bank's IT architecture and consolidate existing systems and applications to service clients better

Stephan Müller, Group CIO, Commerzbank AG

"We are continuously developing the IT at Commerzbank, also on a strategic level, focusing on digitalization of our processes. The collaboration with technology experts is essential for us to stay ahead of the curve in our markets."

Mohit Joshi, President and Global Head for Financial Services, Infosys

"Financial institutions need every advantage in this hyper-competitive industry, and this partnership will be providing just that. Middle and back office utilities are the future of the financial services industry and this will be one of the first-of-its-kind. Commerzbank is benefitting from the renewal and simplification of its current IT landscape, developing new and radical technologies, and is pursuing new business models to compete better in an increasingly regulated market."

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