XacBank Mongolia picks Infosys Finacle for digital transformation solutions

Mongolian banking and financial services provider XacBank has selected Finacle, a part of Infosys’ wholly-owned subsidiary EdgeVerve Systems, for its core banking, treasury, and corporate banking solution suites.

With Finacle’s digital core banking suite, XacBank will be able to establish an advanced open platform. The bank will be able to standardise its business processes through simplified enterprise architecture while offering tailored services for deposits, loans, limits and collaterals, payments and trade finance. 

Infosys will aid the bank in its digital transformation journey. Its Finacle Treasury solution will provide XacBank with a single, unified platform to enable trading, risk management and processing across cross-asset classes, resulting in improved customer experience and lower costs of operation.

“Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs. With Finacle’s new age digital core banking platform, I believe we are well placed to meet the present and future demands of our customers with ease, while contributing to the economic development of Mongolia,” Tsevegjav Gumenjav, chief executive officer, XacBank said in a statement.

Founded in 2001, Ulaanbaatar, Mongolia based XacBank claims to have around 86 branches and 800,000 customers. 

Another bank in Mongolia, Golomt Bank, which is the country’s largest private banking and financial services provider, had selected Infosys Finacle to power its technology transformation back in 2013. 

Infosys has seen quite a few digital transformation deals in the recent past, especially in the banking sector. In August, Infosys Finacle had signed up Bahrain Bank as a client followed by Prabhu Bank in Nepal in September.