Infosys subsidiary EdgeVerve deploys Finacle suite for Shivalik Bank

EdgeVerve Systems, a subsidiary of IT services provider Infosys, has deployed its Finacle digital banking suite at Shivalik Mercantile Co-operative Bank via cloud technologies. 

The deployment will help the bank manage, scale and power growth on a demand-basis in a cost-effective manner, a statement from Infosys said.

The solution includes a software subscription service covering Finacle core banking and Finacle digital channels solutions, internet and mobile banking offerings, end-to-end managed services portfolio, built-in product factory capability, cloud elasticity and an API repository. 

The sub-offerings individually will drive value for the bank, the statement said. For example, while the managed services will help the bank in terms of a less expensive operation model, the product factory and cloud elasticity will help in scaling or putting out new applications faster.

"Our cloud offerings provide a cost-effective way to transform business and to gain flexibility to scale at will. We are pleased to power Shivalik Bank’s business with the industry-leading Infosys Finacle solution suite to accelerate its aspirational journey to become one of the largest urban co-operative banks in India,” said Venkatramana Gosavi, senior vice president and global head, sales, Infosys Finacle.

The API repository will help the bank to effectively implement open banking, and easily collaborate with its external ecosystem including fintechs, digital businesses and non-banking financial service providers, the statement added.

“Without technology modernisation, co-operative banks face a persistent threat to their continuity with big banks, fintechs and non-banking players investing to continuously expand their customer base. A cloud-based, digital transformation solution is a cost-effective way to modernise and expand the business while giving our customers a world-class banking experience," Suveer Kumar Gupta, MD & CEO, Shivalik Bank, said.

EdgeVerve has used its cloud technology partner Cloud4C for the deployment.

Infosys has been focusing on digital transformation deals globally. 

Nitesh Bansal, senior vice president and global head of engineering services, Infosys, said the increasing digitalisation of products has helped information technology companies grow their engineering research and development (ER&D) segment.

The company signed a deal with technology giant Microsoft to formulate and execute the digital transformation strategy of Manila, Indonesia-based business conglomerate JG Summit Holdings.

In August, Infosys partnered with Microsoft to provide smart space solutions to Irish IT services provider Johnson Controls. 

In July, American database solutions provider MongoDB entered into a partnership with Infosys to facilitate accelerated app development for enterprises.