Infosys to offer digital transformation services to Bank of Commerce

Infosys has partnered with the Philippines-headquartered Bank of Commerce (BankCom) for the latter’s core banking transformation. BankCom, which is a San Miguel Corporation (SMC) group will leverage EdgeVerve Systems’ (Infosys’ wholly owned subsidiary) Infosys Finacle Suite.

To be sure, Infosys Finacle's suite of offerings includes Finacle Core Banking, Finacle Liquidity Management, and Finacle Customer Data Hub solutions. These solutions will replace BankCom’s legacy platform in a risk-mitigated manner to digitally transform its business and keep pace with evolving market expectations. 

For instance, the Finacle Core Banking solutions will offer capabilities like simple configurations for introducing products and services; Finacle Liquidity Management solution to manage liquidity across borders, currencies, and banks; and Finacle Customer Data Hub solution to unify customer data management.

“We are pleased to have chosen Infosys Finacle due to its established presence in the Philippines, robust solutions suite, and record of reliable delivery in the market. The modernisation of our core banking system is an integral part of BankCom’s digital transformation journey as a universal bank in delivering a truly digital banking experience to our clients,” said Michelangelo R. Aguilar, President and CEO, BankCom.

Last week, Infosys took up another IT modernisation project, this time for Belgium-based digital services and communications provider Proximus. As part of the collaboration, Infosys will consolidate key components of a Proximus affiliate's IT stack into the main IT stack. This will enable the company to offer fiber and new digital services to a larger customer base.

Infosys reported a mere 3.2% year-on-year rise in its consolidated net profit (attributable to owners of the company) for the fiscal's second quarter ended September (Q2FY24) to ₹6,212 crore. Infosys had reported a profit of ₹6,021 crore in the year-ago period. Sequentially, the consolidated net profit was up 4.5%.