Infosys helps Suryoday SFB upgrade to modern digital banking platform
Infosys said that its digital banking solutions were deployed by Suryoday Small Finance Bank (SSFB), an Indian small finance bank, for its digital transformation.
As part of this, Infosys Finacle, part of EdgeVerve Systems, a fully-owned subsidiary of Infosys, helped Suryoday Small Finance Bank in implementing the Finacle Core Banking Platform and Finacle Treasury Platform.
The Infosys Finacle platform will power the retail, corporate, and payment engines of the small finance bank in an on-premise model, supported by the infrastructure stack of IBM.
Baskar Babu Ramachandran — Suryoday Small Finance Bank Managing Director and CEO said: “Upgrading to a modern digital banking platform like Infosys Finacle is a big move for Suryoday Small Finance Bank, and one that will help us achieve our dream of becoming a new age bank, much faster.
“With a sharp focus anchored on customer centricity & experience, the Finacle platform will further power our growth plans and help enlarge our operations, while ensuring significantly lower operating costs and superior customer service.”
According to Infosys, its Finacle digital banking platform replaced the existing information technology stack of Suryoday Small Finance Bank during an eight-month implementation period.
The Indian IT giant said that the new platform will help the small finance bank in achieving considerable improvement in operations and offer 24/7 banking facilities, particularly to the under-banked and un-banked sections across India.
With the Infosys Finacle solutions, Suryoday Small Finance Bank can offer unlimited product functionalities, thereby enlarging its present offerings and introducing products and services on-demand, to suit various financial requirements of its customers, said Infosys.
Besides, the open application programming interface (API) offered by the Infosys Finacle digital banking platform will enable the small finance bank to implement open banking effectively. Apart from that, it will help the bank in collaborating easily with its external ecosystem, including digital businesses, fintechs, and non-banking financial service providers, including Aadhar biometric identification system, and the payment systems of National Payments Corporation of India (NPCI).
Sajit Vijayakumar — Infosys Finacle Chief Operating Officer said: “We are very pleased to welcome Suryoday Small Finance Bank to the Finacle family and to accompany the bank in its modernization and growth journey. This seamless go-live is a testimony to our proven capabilities and experience in helping financial institutions of any size pursue an inside out, truly digital transformation.
“With Finacle, we are confident that Suryoday Small Finance Bank will be able to drive better banking for all its customers.”