Infosys Finacle to Power Santander UK’s International Cash Management System
Infosys Finacle, part of EdgeVerve Systems, a fully owned subsidiary of Infosys (NYSE: INFY), and Santander UK, a leading financial services provider in the UK, announced the launch of a new inter-bank cash management system for its corporate customers.
To enhance the user experience, Santander will introduce an inter-bank cash management portal to provide its corporate customers a fully-integrated solution withresilient, secure cash management services accessible through any device of their choice. This will enable greater personalization options and the ability to rapidly introduce new product innovations for customers. Santander will utilize Finacle’s proven digital offering which includes Finacle Online Banking, Omnichannel Hub, Payment Solution and Liquidity Management Solution to help achieve this, and to better support its customers.
- With Finacle, Santander UK will be able to strengthen its multi-channel cash management, cash forecasting and payment services
- Finacle’s Liquidity Management Solution (LMS) will enable multi-bank reporting and cash management capabilities including sweeping, target balancing and notional pooling
- The Finacle solution suite will provide an aggregated view of customer balances across multiple accounts and a view of liquidity positions across Santander’s global banking group
- The design of the offering will help accelerate further payment innovations and manage changes easily and on demand
- Further, corporate treasurers will be empowered to design liquidity structures to achieve the required level of visibility and control over funds. The open APIs will also enable corporates to embed cash management services within their own ERP solutions
- The Finacle solution suite will be made available in a cloud hosted environment ensuring quick time to market, improving underlying infrastructure and allowing greater efficiency and scalability
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, said, “Corporate banking customers across the world are becoming increasingly digital in their operations and sophisticated in their demands from their banking relationships. Santander UK’s decision to undertake this transformation program, is a reflection of the bank’s abiding commitment to deepening customer satisfaction, while modernizing for the future. Santander UK will benefit through Finacle’s proven end-to-end solutions and rich experience of implementations in 100 countries.”
Bart Timmermans, Head of Global Transaction Banking (GTB), Santander UK, said, “Using Finacle solutions, Santander will provide our corporate customers a single point of access to better manage their interbank global commercial cash flow conveniently and securely. It represents a significant part of GTB UK’s channel strategy, helping to prepare the bank for its shift towards serving its digitally enabled corporate clients.”