Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and Regional Investment Corporation (RIC), an Australian government concessional finance provider for farmers, announced RIC’s implementation of the Finacle Digital Lending Solution Suite in a Software-as-a-Service (SaaS) mode running on AWS.

The transformation project, which included the adoption of the Finacle Online Banking and Finacle Alerts Solution, was completed in nine months. RIC is now able to offer truly digital financial lending services to its customers in the Australian agricultural sector at significantly lower operating costs and higher self-service capabilities, per the company.

Sajit Vijayakumar, Chief Business Officer, Infosys Finacle, said, “We are delighted to support RIC in their mission to financially empower the farm businesses in Australia through the Infosys Finacle SaaS platform. This collaboration is yet another testament to Finacle’s commitment to the Australian market, to support financial institutions of all kinds and sizes—banks, credit unions, mutuals and non-banking lenders—on their digital transformation journeys.”

By choosing a Software-as-a-Service (SaaS) model on AWS, RIC has been able to internalise management of key services, previously provided by a third party. This has led to reduction in operating costs and greater efficiencies.

The new platform, which offers comprehensive API capabilities, has empowered RIC to seamlessly integrate with various service providers across banking, CRM, data lake, and document management providers. With this capability, RIC now has the advantage to implement Federal government mandates much faster than before, said the company.

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The Finacle Online Banking Platform, which includes a smart dashboard, is helping RIC offer self-service features to customers, thereby reducing dependencies on customer care support.

Chris Rawlins, Executive Director Transformation, Regional Investment Corporation (RIC), said, “With the Infosys Finacle Lending solution, we have a proven technology platform to support the evolving demands of our business and customers, with the agility to roll out new products and regulations as mandated by the Federal Government. The nine-month implementation by the Infosys Finacle team was delivered on schedule and we are impressed by the team’s commitment to facilitate RIC in achieving a smooth transition without any disruptions to our customers.”