Infosys eyes key world markets for universal banking solution

NEW DELHI: Infosys, which is dominating the banking software space in India, is bullish on growth in the domestic and global markets in its bid to emerge as a top provider of core banking solutions to banks worldwide.

"We are in talks with some more Indian banks and some Russian banks for implementing Finacle Universal Banking Solution to help them achieve greater process efficiency," said Infosys VP & Business Head-Finacle Merwin Fernandes.

He said Infosys has bagged core banking solution (CBS) implementation contracts in 15 banks in India out of the 24 banks that have implemented the technology in the last three years for seamless real time integration capabilities.

"We have about 66 per cent market share in banking software in India," he said, adding that Infosys is in talks with some more banks for implementing CBS.

All over the world, banks are in a hurry to do away with the decades-old-technology and implement CBS to achieve greater operational efficiency as is mandated in Basel II norms to be effective from March next year.

Fernandes said the company is targeting overseas markets like Europe, Middle East, Australia, South Asia and Latin America for faster growth.

Revenues from 'Finacle' software grew by 68 per cent to over USD 81 million in 2005-06 and the company is very optimistic of growth prospects this fiscal.

The clients of Finacle include ICICI Bank, Punjab National Bank, Bank of India, ABN Amro, UTI Bank and SBI's overseas operations, to name a few.

Last week, Croatia's only large domestic bank Hrvatska Postanska Banka selected Finacle to drive its technology-led transformation initiative.