About the Transformation
Corporate banking is undergoing a technology-led shift and customer needs are fast evolving. To meet emerging expectations and stay relevant in this digital age, the bank is scaling digital transformation initiatives across markets.
The transformation program spanned a range of deployments across corporate core banking, corporate payments, customer information file (CIF) and treasury, all with a bank-in-a-box approach
- Finacle Core Banking modules, such as demand deposits, commercial loans, trade finance and general ledger, were implemented. This has helped to streamline operations and gain a simplified view of sub-ledger profit and loss statements.
- Corporate payments modernization with Finacle Payments is aimed at streamlining payments processing across ACH, RTGS and Cross Border Swift payments, and ensuring compliance with ISO20022 standards.
- The bank has also deployed Finacle Treasury – covering instruments like FX, Money Market, Securities and SWAP – to streamline the end-to-end trading and markets lifecycle and consolidate front-to-back treasury operations such as deal capture, settlements, accounting, and SWIFT/ RTGS message generation.
Dependable, Agile, and Secured Technology to Transform
The bank had to ensure that transaction reporting adhered to BAI Standards, realized that it would need strategic and technological intervention to comply with the OJK stipulation. It was also looking at a larger transformation to accelerate innovation and growth.
The bank chose Infosys Finacle because of its componentized multi-layered architecture, real-time payments capabilities, vast experience in managing multi-country implementations, and proven global as well as regional market credentials in corporate core banking and treasury transformation. Finacle was rated highly in the technical evaluation, particularly in the space of innovations led by APIs, open banking and blockchain.
