Infosys deploys Finacle digital solutions for UnionBank of the Philippines

Infosys said that UnionBank of the Philippines (UBP) will move from an on-premises deployment to Infosys Finacle Digital Banking Solution Suite on Cloud.

According to the Indian IT giant, more than eight million customer accounts will be considered for shifting to the new software-as-a-service (SaaS) platform.

The migration is expected to help UnionBank of the Philippines to scale its retail as well as corporate banking operations. It will also enable the bank to quickly develop and deploy new capabilities, and offer frictionless, customized, and secure digital banking services to its customers, in a cost-efficient way.

Venkatramana Gosavi — Senior Vice President and Global Head of Sales at Infosys Finacle said: “As progressive banks across the world prioritize on digital, the Philippines has emerged as a centre of digital banking innovation. Infosys Finacle has had a strong and growing presence in this market for almost two decades and we are proud to have partnered many of the digital leaders here.

“UnionBank, our long-term customer, is leading the way to the future, as they have always done, with the migration to the Finacle Digital Banking Solution Suite on Cloud. This transformation will enable UnionBank to be one step ahead of its competition and ready for the future, today.”

Infosys deploys Finacle digital solutions for UnionBank of the Philippines. Photo courtesy of Judgefloro/Wikipedia.org.

Included in the Infosys Finacle Digital Banking Solution Suite are customer onboarding, loans, deposits, payments, and trade finance business areas.

UnionBank of the Philippines, by being part of a common technology stack, will be able to standardize its business processes, ease its enterprise architecture, and provide personalized services.

Infosys said that with the upgrade and cloud-based deployment model, the Filipino bank can benefit from an IT infrastructure that is scalable, secure, and flexible. Besides, it will enable UnionBank of the Philippines to considerably reduce its operational costs, while accelerating innovation and time-to-market for new initiatives.

Infosys Finacle’s extensive open application programming interface (API) repository on cloud will help the Filipino bank with the agility needed for easily and seamlessly integrating and co-innovating with ecosystem partners.

Overall, the Infosys Finacle Digital Banking Solution Suite is expected to help the bank improve digitization and automation throughout the enterprise, which will result in substantial improvement in customer experience, greater straight through processing, and reduced operational costs.

Henry Rhoel R. Aguda — Senior Executive Vice President, Chief technology, Operations and Transformation Officer at UnionBank of the Philippines said: “Even as our customers shift and readjust how they bank in these challenging times, it is our continuous endeavor to provide them with a world class customer experience. Unlike banks with decades-old legacy systems, UnionBank has invested early in flexible, open systems.

“The move from an on-premise to the cloud based Finacle Digital Banking Solution Suite is the next strategic step in that direction, that will set us up for success long into the future. We are investing in this new platform to gain exponential benefits in reducing costs, increasing efficiency and ultimately, delivering a world class digital customer experience.”

Last month, Infosys Finacle, which is part of Infosys’ subsidiary EdgeVerve Systems, helped Santander UK launch an international cash management platform called Santander Global Connect.