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Finacle

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Finacle
Original author(s)Infosys
Developer(s)Infosys
Initial release1999 (1999)
Operating systemCross-platform
TypeBanking software
LicenseCommercial
Websitewww.finacle.com

Finacle is a banking software developed by Infosys. Finacle was created in 1999 as a core banking software suite and has been a part of Infosys' subsidiary EdgeVerve Systems since 2015.

History

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Infosys launched Finacle in 1999 as a software package providing banking process automation and digital banking services.[1] In 2002, Infosys consolidated its other banking software products, including BankAway and PayAway, under Finacle.[2]

In 2006, Finacle reported that it generated about 69% of its total revenue from overseas locations, largely from banks and financial institutions in the EMEA region.[3][4] In 2007, Finacle released its Bank-in-a-Box (BIAB) software framework.[5] In 2008, Finacle added Islamic banking, wealth management, mobile banking,[6] and rural banking capabilities.[7]

In 2010, Finacle reported around $300 million in annual revenue.[8] In 2013, American Banker noted that the new version of Finacle allowed the purchase of individual modules.[9] In 2014, Finacle global head Mangipudi Haragopal resigned and was replaced by Michael Reh.[10][11]

In 2015, Infosys merged Finacle with its software products subsidiary EdgeVerve Systems.[12][13] Under EdgeVerve Systems, Finacle became a cloud-based platform, and included customer relationship management and payments offerings.[1] In 2017, Finacle released Trade Connect, a blockchain-based trade finance application for banks.[14][15]

Operations

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Finacle had 6,000 employees in 2015.[16] As of 2020, Finacle claimed that it was being used by banks in over 100 countries.[17][1]

See also

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References

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  1. ^ a b c Moorthy, Swathi (17 September 2020). "Infosys' Finacle is finally having a moment two decades after launch". Moneycontrol. Retrieved 17 August 2024.
  2. ^ K., Giriprakash (23 August 2002). "Infosys consolidates banking suite under Finacle". Business Standard. Rediff. Retrieved 17 August 2024.
  3. ^ "Infy eyes 10 big banks for Finacle". The Economic Times. 25 December 2006. Retrieved 17 August 2024.
  4. ^ Franco, Jose (3 December 2007). "Infosys offers Finacle to Shariah-compliant banks". Khaleej Times. Retrieved 17 August 2024.
  5. ^ "Infosys launches universal banking solution". The Economic Times. 29 October 2007. Retrieved 17 August 2024.
  6. ^ "Infosys unveils Finacle 10 with new set of offerings". The Economic Times. 20 February 2008. Retrieved 17 August 2024.
  7. ^ Mishra, Bibhu Ranjan (29 July 2008). "Finacle sniffs next wave of opportunities in RRBs". Business Standard. Retrieved 17 August 2024.
  8. ^ "Infosys' banking software products division Finacle grows 14.8% in Q2". The Economic Times. 24 October 2011. Retrieved 17 August 2024.
  9. ^ Crosman, Penny (18 September 2013). "Infosys Breaks Core Banking Software into Easier-to-Digest Pieces". American Banker. Archived from the original on 19 July 2019. Retrieved 17 August 2024.
  10. ^ "Former SAP Executive Michael Reh to Head Infosys' Finacle: Report". NDTV. 7 October 2014. Retrieved 17 August 2024.
  11. ^ Sood, Varun (13 December 2014). "Infosys' banking platform Finacle looks to invest in US-Asia Pacific". The Economic Times. Retrieved 17 August 2024.
  12. ^ "Infosys to merge Finacle with Edgeverve". The Times of India. 16 March 2015. Retrieved 17 August 2024.
  13. ^ Sood, Varun (15 March 2015). "Infosys to carve out Finacle, club it with EdgeVerve". Mint. Retrieved 17 August 2024.
  14. ^ "Infosys Finacle launches blockchain based trade finance solution for banks". The Economic Times. Retrieved 17 August 2024.
  15. ^ "Blockchain-based solutions, key to Infosys' Finacle growth plans". BusinessLine. 5 December 2017. Retrieved 17 August 2024.
  16. ^ "Infosys to re-engineer Finacle, revamp compensation structure". Business Standard. Retrieved 17 August 2024.
  17. ^ Giriprakash, K. (29 October 2018). "Banking on new partnerships, Finacle plays catch up". BusinessLine. Retrieved 17 August 2024.
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