SBI Selects Finacle To Power Global Operations

by CXOtoday Staff    Aug 20, 2004

India’s largest bank, State Bank of India (SBI), has chosen to deploy Infosys’s Finacle core banking, e-banking and treasury solutions across its global operations in 20 countries.

In an announcement made today, SBI confirmed that Finacle would replace the current disparate systems across the bank’s entire international operations. The solution will enable SBI to streamline and consolidate its technology infrastructure across its global operations apart from providing value added services on par with international banks.

The deployment, which is expected to be completed in a span of 12 months, will be spread across three global data centers in USA, UK and India.

Girish G Vaidya, senior vice president and head- banking business unit, Infosys Technologies, said, “This is a very strategic win for Finacle as it significantly enhances our global footprint giving us entry into eight new countries. ”

Finacle, which enjoys a 70% market share in India, is a global player in the packaged banking solutions space, with a customer base scattered across all geographies.

SBI has a major share in the international banking business, with a presence in 28 countries through 54 offices. Recently it has opened offices at Sydney, Muscat, Chittagong and Fresno.

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