Infosys Finacle Wins Sterling Bank Deal, To Drive Core Banking SaaS Transformation

Mumbai: Infosys Finacle, a unit of EdgeVerve Systems, announced on Thursday that Sterling Bank of Asia has selected its Software-as-a-Service (SaaS) platform for a major transformation programme. The Philippine-based bank will use Finacle’s Core Banking, Finacle Customer Data Hub, Finacle Trade Finance, and Finacle Origination solutions.

Enhancing Customer Experience

Sterling Bank expects the new platform to enhance the experience for both employees and customers. The bank also aims to maintain high standards of availability and reliability in its banking services.

Reducing Operational Complexity

The Infosys Finacle SaaS platform is designed to reduce operational complexity through automation and digitisation. This move is intended to support the bank's future growth objectives.

Strategic Growth Focus

By leveraging the SaaS-based deployment, Sterling Bank will be able to simplify the management of its technology operations. This will allow the bank to focus more on strategic growth and innovation initiatives.

Faster Innovation Cycles

The new platform will enable Sterling Bank to drive faster innovation cycles. It will also help the bank remain secure and compliant through access to periodic upgrades, security enhancements, and new features.

Scalability and On-Demand Support

The cloud-hosted model of the Finacle SaaS platform will assist Sterling Bank in scaling seamlessly and on demand. This capability is crucial for supporting the bank's evolving business needs.

Management Commentary

Cecilio Paul D San Pedro, President and Chief Executive Officer, Sterling Bank of Asia, stated that modernising the bank's technology foundation is essential to meet customer expectations, digital innovation, and regulatory demands. San Pedro said Infosys Finacle provides a trusted partner and a next-generation platform for these goals.

Finacle's Market Presence

Sajit Vijayakumar, Chief Executive Officer, Infosys Finacle, noted that this collaboration demonstrates Finacle's growing presence in the Philippines. Vijayakumar added that the Finacle SaaS platform is tailored for the Philippine market and offers a modern, customer-first digital banking platform.

Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.