Infosys said that the National Bank of Bahrain (NBB) has selected Infosys Finacle to digitally transform its transaction banking business.
The announcement was made after market hours yesterday, 3 August 2020. Shares of Infosys fell 0.92% to settle at Rs 957.35 yesterday.
National Bank of Bahrain (NBB), the Kingdom’s leading provider of retail and commercial banking services, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys yesterday announced the bank’s decision to use the Cash Management Suite of Infosys Finacle to digitally transform its transaction banking business.
NBB will implement the Finacle Liquidity Management Platform, and upgrade the existing Finacle Corporate Online Banking platform and make it a full-fledged Digital Engagement Suite – equipped with the Finacle Digital Engagement Hub and Mobile Banking solutions, along with the latest versions of the Finacle Corporate Online
Benefits of the deal
The National Bank of Bahrain in 1957 was established as the first indigenous bank in Bahrain. They are a nationwide network of 25 branches, 61 ATMs, and over 4,000 points of sale terminals in addition to their branches in Abu Dhabi and Riyadh.
The fully integrated, front-to-back office global liquidity management system will enable the bank to offer a comprehensive range of services to corporate customers and help them identify, manage and optimize liquidity positions, along with enhanced agility in payments and collections.
NBB with the help of Finacle Digital Engagement Suite upgrade can manage their customer preferences and entitlements effectively across channels. The bank now with these capabilities, will be able to deliver fully contextual and tailored digital banking experiences for its diverse set of customers.
NBB will now be able to drive innovation-led growth by launching new products and services on digital channels rapidly, Leveraging the suite’s flexible product factories
Hisham Al Kurdi, Chief Executive – Corporate and Institutional Investment Banking, National Bank of Bahrain said, “This partnership comes as part of NBB’s digital transformation, with the upgrades provided by the suite is setting up the Bank with a modern system capable of delivering simple and seamless service for our clients. The front-to-back integrated cash management solution from Infosys Finacle will enable us to deliver a world-class banking experience to our corporate and institutional customers, thereby driving the growth of our transaction banking business.”
Finacle a core banking product developed by Infosys to provides universal Digital banking functionality to banks.
Finacle has a strong focus on product strategy and a global market presence, Banks across 100 countries use Finacle to serve over 1 billion customers.
Venkatramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said, “We are happy to extend our relationship with NBB and be the preferred partner for their digital transformation program. This deployment of our industry-leading digital cash management solution suite on a non-Finacle core banking platform is a perfect example of the adaptability of Finacle solutions and its skill to power digital transformation for banks in an advanced and seamless manner.”
Infosys share price gained over a percent in early trade on August 4 after the National Bank of Bahrain (NBB) selected the company’s platform for the digital transformation of its transaction banking business.