Sacombank selects Infosys to implement Finacle e-banking and mobile banking solution

Infotech Lead India: Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has selected Infosys to implement Finacle e-banking and mobile banking solution.

The Bank will install Finacle’s consumer e-banking, corporate e-banking and mobile banking solutions to enable the bank to develop internet banking products and services to better customer satisfaction.

This is the fourth major deal for Infosys Finacle.

Recently, Infosys has integrated and implemented Finacle enabled Two-Factor Authentication (2FA) solution at Federal Bank. The Two-Factor Authentication (2FA) solution is designed to strengthen the bank’s existing robust authentication system for its corporate and retail Internet banking customers.

Nykredit, a financial institution in Denmark, has implemented Infosys Finacle core banking solution across the bank’s corporate lending business.

In addition, Bancolombia has deployed Infosys’ Finacle to operate a seamless platform across Latin America and consolidate operations from across the region into a single system. Finacle’s universal banking enables Bancolombia to interface with all its branches. The bank can get a 360-degree view of all of its clients’ transactions across multiple subsidiaries.

Sacombank envisages an addition of several million e-banking customers over the next few years.

Finacle’s e-banking solution will enable Sacombank customers to use online functions and services such as personal financial management, liquidity management and online L/C. Corporate clients, in particular, can submit payment orders via mobile phone after the e-banking system upgrade that is scheduled for December next year.

This is in addition to the current internet and mobile phones based services such as intra-bank and bank-to-bank transfers, utility bill payments, term deposit purchase, airlines ticket purchase, prepaid card top up, etc.

Sacombank has set Information Technology – one of the four key strategies – to be the top priority in 2011-2015. To achieve this key objective, Sacombank has invested heavily on information technology system in the recent years, including e-banking transaction channel.

“The objective of this project is to enhance our capability to serve the e-banking needs of more than 2.000.000 customers by 2016 and to allow customers to make almost all banking transactions over Internet,” said Nguyen Minh Tam, deputy CEO of Sacombank.

“Channels, especially online and mobile, are the top innovation priorities and key growth levers for tomorrow’s banks. With Finacle’s proven channel banking solutions, we are committed to helping Sacombank innovate and engage more consumers in newer ways. This as an exciting opportunity for us and strongly underlines Infosys’ capabilities to support banks throughout Vietnam and the ASEAN region,” said Sanat Rao, vice president and global head – Client Services, Finacle, Infosys.

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