Infosys Finacle bags 20 deals from RRBs

"We have signed 20 deals for implementation of CBS in RRBs and we are in talks with other such banks," Infosys Technologies (Finacle) Head Haragopal M told reporters. Asked about names of banks it is in discussion with, he said, it is premature to talk about clients.

More orders, he said, are likely to come as all the RRBs have to migrate to CBS by September 2011, the deadline set by RBI. Currently, there are 86 RRBs in the country of which 3 banks have become 100 per cent CBS. Two of Union Bank of India's sponsored Rewa Siddhi Gramin Bank and Kashi Gomti Samyut Gramin Bank and Punjab National Bank sponsored Haryana Gramin Bank is fully CBS.

Finacle core banking solution for RRBs is a comprehensive, integrated yet modular business solution that effectively addresses their strategic and operational challenges, he said. Haragopal said, it is future-proof solution and can be seamlessly integrated with other enterprise applications. With a robust architecture and proven scalability, it ensures protection for the institution’s technology investments.

Talking about other solution-- direct banking, Haragopal said, the company has signed up two major deals-- one in Europe and other one in North America. In this kind of market condition a solution like direct banking is compelling proposition for the advanced market, he said.

Direct banking is a comprehensive solution for banks to directly acquire, track and service customers, through internet, mobile or call center channels, in the complete absence of a brick and mortar infrastructure, he said.

Built on new-generation technology, he said, it provides an platform that supports the full-fledged delivery of a comprehensive range of assets and liabilities solutions, facilitated through direct access to the customer 365 days a year. About the December quarter performance of Finacle, Haragopal said the revenues improved by 2 per cent sequentially at USD 49.24 million. During the first nine months of the current fiscal, the topline of Finacle stood at USD 141.83 million.