Finacle Explained
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
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
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
Notes and References
- News: Infosys’ Finacle is finally having a moment two decades after launch . Moorthy. Swathi. 17 August 2024 . Moneycontrol. 17 September 2020.
- News: K. . Giriprakash . Infosys consolidates banking suite under Finacle . 17 August 2024 . Business Standard . Rediff. 23 August 2002.
- News: Infy eyes 10 big banks for Finacle . 17 August 2024 . The Economic Times . 25 December 2006.
- News: Franco . Jose . Infosys offers Finacle to Shariah-compliant banks . 17 August 2024 . Khaleej Times . 3 December 2007 . en.
- News: Infosys launches universal banking solution . 17 August 2024 . The Economic Times . 29 October 2007.
- News: Infosys unveils Finacle 10 with new set of offerings . 17 August 2024 . The Economic Times . 20 February 2008.
- News: Mishra . Bibhu Ranjan . Finacle sniffs next wave of opportunities in RRBs . 17 August 2024 . Business Standard . 29 July 2008.
- News: Infosys' banking software products division Finacle grows 14.8% in Q2 . 17 August 2024 . The Economic Times . 24 October 2011.
- News: Crosman . Penny . Infosys Breaks Core Banking Software into Easier-to-Digest Pieces . 17 August 2024 . American Banker . 18 September 2013 . https://web.archive.org/web/20190719170224/https://www.americanbanker.com/news/infosys-breaks-core-banking-software-into-easier-to-digest-pieces . 19 July 2019 . en.
- News: Former SAP Executive Michael Reh to Head Infosys' Finacle: Report . 17 August 2024 . NDTV . 7 October 2014 . en.
- News: Sood . Varun . Infosys' banking platform Finacle looks to invest in US-Asia Pacific . 17 August 2024 . The Economic Times . 13 December 2014.
- News: Infosys to merge Finacle with Edgeverve . 17 August 2024 . The Times of India . 16 March 2015.
- News: Sood . Varun . Infosys to carve out Finacle, club it with EdgeVerve . 17 August 2024 . Mint . 15 March 2015.
- News: Infosys Finacle launches blockchain based trade finance solution for banks . 17 August 2024 . The Economic Times . en.
- News: Blockchain-based solutions, key to Infosys’ Finacle growth plans . 17 August 2024 . BusinessLine . 5 December 2017 . en.
- News: Infosys to re-engineer Finacle, revamp compensation structure . 17 August 2024 . Business Standard.
- News: Giriprakash . K. . Banking on new partnerships, Finacle plays catch up . 17 August 2024 . BusinessLine . 29 October 2018 . en.
