Bangalore, Dec. 18
Infosys is planning to strengthen the portfolio of its universal banking solution, Finacle.
The company is exploring options to add solutions in potential areas such as risk management, credit risk, Basel II and anti-money laundering to Finacle, said Mr Merwin Fernandes, Vice-President and Business Head, Finacle.
"We may go and acquire some of these products or enter into strategic partnership with vendors who offer these solutions; we may also look at developing them internally," Mr Fernandes said without commenting on a specific timeframe.
In the past few years Finacle has enhanced its portfolio by adding solutions such as Web-based cash management, mobile payment, Treasury and customer relationship management (CRM), among others.
The company had acquired the treasury and CRM solution, whereas the rest were developed internally, Mr Fernandes said.
Infosys has been releasing new versions of Finacle every 15-18 months with major enhancements.
In recent years they include addition of modules such as Islamic banking, corporate lending, wealth management and enabling the product for service-oriented architecture, Mr Fernandes said.
He also said that Finacle has seen significant momentum in the past 18 months in Europe, West Asia and the Asian region, from where its majority of the wins have come from.
Further, Finacle is aggressively looking at the US market, where it has seen some early traction, Mr Fernandes said, without disclosing details.
"The US market is expected to open up in 2-3 years, for which we are prepared by enhancing the solution."
Recently, Finacle earned one of the top slots in the first Forrester Wave of retail banking platforms.