Monday, March 3, 2008

Infosys completes phase I of Finacle at Stroyvestbank

Infosys Technologies, India`s No. 2 software exporter, and URALSIB Financial Corporation announced today the Russian version of Finacle core banking, CRM and treasury solutions have been successfully tested in the phase I implementation at Stroyvestbank, Kaliningrad, which is a subsidiary structure of URALSIB Bank.

The solution had been tested across the following functional areas: customer information registration, retail and corporate accounts, term deposits, loan origination and support, cash operations, payment system functioning and treasury operations.

URALSIB and Infosys teams have successfully demonstrated the potential of leveraging a `centralized core banking system to make customer service more effective and adopt banking best practices. The solution shall enable the bank to manage the challenges of scale, unifying processes and standards of different business lines.

``We are delighted to see Finacle successfully completing phase 1 of the technology led business transformation journey of URALSIB``, said Haragopal M, vice president and business head, - Finacle, Infosys. ``Russia is a strategic market for Finacle and we look forward to working closely with URALSIB as they progress on this transformation and leverage technology to stay ahead in the market.``

URALSIB Bank was formed in 2005 as a result of integration of the business lines of five banks - NIKoil IBG, AVTOBANK-NIKoil, URALSIB, Bryansky Narodny Bank and Kuzbassugol Bank. The new bank had not only consolidated the assets, branches and clients of the five banks, but the decision has been taken to provide a common platform for technology across the entire merged entities as well. A key focus was adoption of a unified technology engine to power growth and innovation in the marketplace.

Implementation of Finacle universal banking solution at URALSIB Bank will continue. The near-term plan of the project team is to carry out the lessons-learnt analysis and to incorporate the new legislative requirements into the system. The go-live in the bank`s central office, Moscow, has been planned for 2008.

Shares of the company declined Rs 73.85, or 4.77%, to trade at Rs 1,473.00. The total volume of shares traded was 168,366 at the BSE.(3.20 pm, Monday)

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