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Suryoday Small Finance Bank Powered by Infosys Finacle

Infosys Finacle will now power Suryoday Small Finance Bank (SSFB)’s retail, corporate and payment engines in an on-premise model, supported by IBM’s infrastructure stack.         

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 Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY), and Suryoday Small Finance Bank (SSFB), announced the successful implementation of the Finacle Core Banking Platform and Finacle Treasury Platform. Finacle will now power SSFB’s retail, corporate and payment engines in an on-premise model, supported by IBM’s infrastructure stack.

SSFB, one of India’s leading small finance banks caters to over 1.9 million customers through its 565 branches. With the industry leading Finacle digital banking platform, the bank is well placed to achieve its vision of creating a ‘new age bank’ designed to deliver on its primary commitment of financial inclusion.

Highlights:

  • The Finacle platform replaced the bank’s incumbent information technology stack in a seamless eight-month implementation period.
  • The new platform will enable the bank to achieve significant improvement in operations and offer round the clock banking facilities especially to the under-banked and un-banked sections of the society, across India.
  • With the Finacle solutions, SSFB is enabled to provide unlimited product functionalities, expanding its current offerings and rolling out products and services on-demand, to suit different financial needs of their customers.
  • The robust Open Application Programming Interface (API) that the Finacle platform offers will allow the bank to effectively implement Open Banking, and easily collaborate with its external ecosystem, including fintechs, digital businesses and non-banking financial service providers, including Aadhar biometric identification system, and NPCI’s payment systems.

Baskar Babu Ramachandran, Managing Director and Chief Executive Officer, Suryoday Small Finance Bank, 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.”

Sajit Vijayakumar, Chief Operating Officer, Infosys Finacle, 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.”

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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