Industry-leading Finacle digital banking solution suite to be available on Red Hat OpenShift and IBM Cloud for Financial Services
Bengaluru, NFAPost: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys and IBM announced that the Finacle Digital Banking Solution Suite will be available on Red Hat OpenShift and IBM Cloud for financial services.
This collaboration will help banks scale business transformation, become more agile, and power their growth with an on-demand portfolio of products and services.
It will also help banks achieve seamless ecosystem connectivity and provide a world-class banking experience for their customers, and enable them to meet required compliance and security requirements.
The Finacle solution suite deployment with fully managed Red Hat OpenShift on IBM Cloud for Financial Services is designed to provide several benefits, including:
Significant reduction in the total infrastructure readiness timelines, resulting in a shorter time period for customer onboarding and go-liveAn easier and more consistent application deployment platform that helps speed up customer onboarding, while providing greater visibility, control, and data isolation.
Banks can leverage the elastic infrastructure of the cloud deployment for Finacle applications to scale on-demand, significantly improving provisioning efficiencyThe operations teams’ dependencies on the need for special skills will reduce, due to the unified container and cloud management capabilitiesGenuine end-to-end automation will free up developers to innovate and gain greater agility in completing application releases on-demandEnhanced security features for cloud environments will also reduce operational overhead, enabling partners and their customers to build applications, drive innovation and deliver value
Infosy Finacle Senior Vice President & Global Head of Sales & Alliances Venkatramana Gosavi said the Cloud has evolved from a technical transformation enabler to a business transformation enabler that provides an agile, resilient, and scalable platform for innovation and growth.
“Given the benefits, cloud adoption is a necessity for financial institutions that aspire to lead the digital transformation race and achieve significant business performance improvements. Finacle’s industry-leading cloud-native solution suite is designed to help banks unlock this value. Together with Infosys Cobalt – a robust set of cloud services, solutions, and platforms, and our collaboration with Red Hat and IBM, we are helping customers realize the benefits of open hybrid cloud for the next generation of financial services innovation,” said Venkatramana Gosavi.
IBM Cloud and Cognitive Software Vice President Gaurav Sharma said IBM is on a mission to de-risk the financial services industry.
“With more mission-critical workloads moving to the cloud, the IBM Cloud for Financial Services is designed to help institutions accelerate hybrid cloud adoption and drive revenue growth while addressing the need for security, open innovation, and compliance,” said Gaurav Sharma.
With this collaboration, Gaurav Sharma said Infosys Finacle joins a growing ecosystem of more than 100 Independent Software Vendors (ISVs), SaaS providers, Global Systems Integrators (GSIs), and Fintechs leveraging the IBM Cloud for Financial Services.
Kelly Switt, Senior Director, FSI Ecosystem and Strategic Partnerships, Red Hat, said in the banking industry, a new wave of digital disruption is compelling firms to innovate more quickly and better support customers.
“Red Hat OpenShift, the industry’s leading enterprise Kubernetes platform, offers financial institutions the necessary agility, scalability, and application development capabilities to deliver innovative solutions while helping them meet security and compliance requirements. By collaborating with Infosys Finacle and IBM, we are helping customers realize the benefits of open hybrid cloud for the next generation of financial services innovation,” said Kelly Switt.
About IBM Cloud for Financial Services
The IBM Cloud for Financial Services is designed to help financial services institutions as they address their requirements for their regulatory compliance, security, and resiliency. IBM’s partner ecosystem fuels hybrid cloud environments by helping clients manage and modernize workloads from bare-metal to multi-cloud and everything in between with Red Hat OpenShift, the industry’s leading enterprise Kubernetes platform.
The industry’s first financial services-ready cloud, the IBM Cloud for Financial Services uses IBM’s fourth-generation confidential computing capabilities and “Keep Your Own Key” encryption delivered via IBM Cloud Hyper Protect Services to help partners and their customers retain control of their data and transact with financial institutions in a secure environment.
The IBM Cloud Framework for Financial Services is designed to reduce third- and fourth-party risk in the digital supply chain through a common set of controls and processes that are adhered to by the entire ecosystem. The built-in controls are engineered to help customers accelerate innovation, unlock new revenue opportunities, and decrease the cost of compliance.
For more information on IBM Cloud for Financial Services, visit www.ibm.com/cloud/financial-services. Statements regarding IBM’s future direction and intent are subject to change or withdraw without notice and represent goals and objectives only.
Red Hat, the Red Hat logo and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries.
About Infosys Finacle
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys.
Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence.
An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.