Infosys has partnered with Standard Bank to provide them with its recently introduced Finacle digital commerce solution.
Finacle digital commerce solution will strengthen agency banking for Standard Bank. In addition, it will also help the bank extend service channels across its markets inAfrica.
Infosys says that the solution helps unlock new revenue streams for financial institutions, telecom service providers and retailers.
The solution allows its customers to receive instant cashless payments and execute commerce between merchants and consumers.
Infosys said that the solution is a new alternate channel for the Standard Bank, as it will enable them to offer value-added financial services to consumers, in Africa, while also reducing cost of operations for the bank.
“Mobility is a critical component of our business growth in Africa. Finacle digital commerce solution, from Infosys, provides us with the technology platform to deliver on our mobility strategy thereby positively impacting the communities in which we operate and keeping our customers moving forward,” said Terry Moodley, chief executive, Personal and Business Banking Africa at Standard Bank.
By using Finacle, Standard Bank will onboard and manage agents, using the mobile or Internet channels, to service remote customers cost-effectively.
The solution will enable agents to offer a host of services ranging from customer on-boarding, cash deposits, cash withdrawal and banking transactions, to service requests.
“With Finacle digital commerce, we aim to accelerate innovation for financial institutions, telecom providers and retailers. Our partnership with Standard Bank is a great example of how organizations can harness the immense potential of digital money to extend banking reach and spark new growth opportunities,” said Haragopal Mangipudi, global head of Finacle at Infosys.
Recently, Bharti Airtel selected Infosys as its partner for “airtel money’, which is the country’s first of its kind mobile wallet service by a mobile operator.
Airtel tapped Infosys WalletEdge mobile commerce platform, which is based upon the Finacle Digital Commerce.