Infosys Finacle, part of EdgeVerve Systems, has launched a tailored suite of banking solutions for the Indian market. Finacle Payments Bank and Finacle Small Finance Bank aim at providing those organisations seeking banking regulatory provisions from the Reserve Bank of India with a ready-made easily scalable solution to their back-bone banking system needs.
EdgeVerve Systems was founded in 2014 and is based in Bangalore, India. The company is a wholly owned product subsidiary of Infosys. The company primarily develops software solutions for businesses, of which Infosys Finacle is one, and implements them in an on-premise or cloud-hosted basis. EdgeVerve Systems is predominantly aimed at delivering innovative digital service solutions, including among others, banking, digital marketing, interactive commerce, servicing, customer service and enterprise buying.
One of its major products on offer through Infosys Finacle is Finacle. Finacle is used by financial institutions in 84 countries and services 547 million customers. In India Finacle is used by 70% of the country’s top banks and deployed in 100 cooperative banks in the country.
The product lines to be opened up to the Indian market, Finacle Payments Bank and Finacle Small Finance Bank solutions, are specifically developed to provide organisations with a system compliant with banking and payment regulations from the Reserve Bank of India (RBI). The package will allow organisations applying for payments banks and small finance banks licenses, to quickly set up a solid backbone for their operations. Both offerings provide client organisations with several capabilities, including various distribution models such as traditional banking, agency banking, mobile wallet, and micro ATMs. Hosted environments are also available, allowing new entrant’s entry with low capital investment. These networks offer the ability to rapidly scale based on demand as the service provides detailed insight into customers to identify in-demand products to further tailor solutions.
Venkatrama Gosavi, Regional Head for Growth Markets at Infosys Finacle, remarks: “Robust technology infrastructure is vital to the creation of a cost-efficient, nimble, and a competitive banking model. With Finacle, the new license holders are assured of a proven platform to help them accelerate innovation and achieve rapid growth. Our state-of-the-art solutions will be a game-changer for banking aspirants to create businesses that are sustainable, profitable and compliant with required regulatory obligations.”