Infosys said it will now offer the Finacle suite of software solutions on Verizon Cloud.
Finacle is a software suite designed to run banks on, while Verizon cloud refers to an Internet-based platform offered by Verizon. Core bank software is usually not run on cloud computing infrastructure, particularly over public cloud platforms, due to security-related concerns.
However, many low-cost banks do rely on cloud-hosted core banking solutions to keep costs down. Having a global brand like Verizon managing the network is likely to assuage some of the concerns about using core banking in the ‘SaaS’ model.
“The fully integrated Finacle Core and Digital banking solutions, currently serving over 547 million consumers worldwide, are now available in a Software-as-a-Service (SaaS) model for community financial institutions in the U.S.,” Infosys said.
The Finacle solutions provide a single real-time view of customers, members, products and transactions and enable the creation of bespoke services for customers.
“These help banks and credit unions to enhance operational efficiency, accelerate speed-to-market for new offerings, and reduce time and cost of compliance. The new SaaS offerings of Finacle will empower financial institutions to deliver a multichannel experience to customers, without major capital investment and with greater flexibility and ease.”
The new SaaS service further extends the availability of Finacle solutions to U.S. community financial institutions, making it easier to procure and deploy this solution as a pay-as-you-go service.
“Providing real-time and compelling customer experience across multiple channels is a difficult task, even for the largest of financial institutions with significant resources. With Finacle solutions now available on Verizon Cloud, financial institutions of all sizes, across the U.S., will be able to provide the latest banking services to their customers without any major investment,” said Michael Reh, Senior Vice President and Global Head of Finacle, Infosys.
“The pay-as-you-go model provides reassurance to financial institutions that they will always have the latest technology to keep pace with a dynamic market and evolving customer preferences.”
The flexibility of the service helps financial institutions comply with evolving federal and state compliance requirements.
Finacle Core Banking, Finacle e-Banking and Finacle Mobile Banking will be the first three solutions to be available on Verizon’s managed cloud infrastructure. Other banking services will be added over time.
The service will be expanded with value-added solutions from Finacle’s partners.
“Financial institutions will benefit from Finacle’s comprehensive solution coverage and high-performance platform hosted on the Verizon Cloud to help them improve agility, achieve sustainable, profitable growth and drive their business,” Adam Famularo, Vice President, Global Channel, Verizon.