Bank of Commerce Selects Infosys Finacle Suite for its Core Banking Transformation

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY), and Bank of Commerce (BankCom), an affiliate of San Miguel Corporation (SMC) group and one of the fast-growing universal banks in the Philippines, today announced the bank’s decision to select Infosys Finacle Suite for its core banking transformation.

The Infosys Finacle Suite of offerings, which includes Finacle Core Banking, Finacle Liquidity Management and Finacle Customer Data Hub solutions, will replace BankCom’s legacy platform and help the bank engage, innovate, and operate better to keep pace with evolving market expectations.

The key highlights of the digital transformation include:

• Finacle’s componentized core banking solution will allow BankCom to replace the existing legacy core systems in a risk-mitigated manner to digitally transform its business.
• The Finacle Core Banking solution will provide the bank with a comprehensive set of capabilities, including flexible product factories that will enable BankCom to unlock innovations with simple configurations to introduce differentiated products and services.
• The Finacle Liquidity Management solution will enable BankCom customers to identify, manage, and optimize liquidity across borders, currencies, and banks, on the go and on a device of their choice.
• The Finacle Customer Data Hub solution will help unify customer data management across the organization. It will empower BankCom users to have a real-time view of customer relationships across platforms and channel applications. The solution will deliver a strong digital foundation to create and deliver personalized services and experiences.

Michelangelo R. Aguilar, President and CEO, Bank of Commerce said, “We are pleased to have chosen Infosys Finacle due to its established presence in the Philippines, robust solutions suite, and record of reliable delivery in the market. The modernization of our core banking system is an integral part of BankCom’s digital transformation journey as a universal bank in delivering a truly digital banking experience to our clients. It will enable us to operate better, innovate, and keep pace with industry best practices, regulatory requirements, and evolving expectations of the markets we serve, notably the San Miguel Group and SMC ecosystem.”

Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle, said, ” We are delighted to collaborate with Bank of Commerce in their digital core banking transformation journey. With Finacle’s proven suite of solutions, we are confident that the bank will be able to achieve a client-focused banking platform, aligned with the bank’s strategic business and technology requirements. This partnership marks yet another milestone in our presence in the Philippines over the last two decades and underlines our commitment to helping Philippine banks stay ahead in the digital age.”

About Bank of Commerce

BankCom is a publicly listed universal bank, licensed by the BSP. The Bank has been operating since 1963 and traces its origins to the Overseas Bank of Manila with headquarters in Binondo, Manila. In 2008, BankCom became an affiliate of SMC and introduced its new logo bearing the SMC escudo. In December 2020, the Intellectual Property Office (IPO) granted the trademark license for “BankCom” as the Bank’s official short name. The Bank has a network of 140 branches and 264 automated teller machines (ATMs) as of 30 September 2023 strategically located nationwide. To know more, visit https://www.bankcom.com.ph/

About Infosys Finacle

Finacle is an industry leader in digital banking solutions. We are a unit of EdgeVerve Systems, a wholly-owned product subsidiary of Infosys (NSE, BSE, NYSE: INFY). We partner with emerging and established financial institutions to help inspire better banking. Our cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence. Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions. Today, banks in over 100 countries rely on Finacle to help more than a billion people and millions of businesses to save, pay, borrow, and invest better. For more information, visit www.finacle.com.