Belgium bank to deploy Infosys software product

Bangalore, March 24 (IANS) Leading European bank ING Belgium selected Infosys' software product Finacle to transform its core banking operations, the Indian IT bellwether said Saturday.

"Our flagship product will enhance ING's services for its customers in Belgium, deliver operational efficiencies, bring products to market faster and improve its customer experience," Infosys' client services head Sanat Rao said in a statement here.

Ranked by the IT industry analysts as a global leader in software product for the banking, financial services and insurance (BFSI sector), the Finacle core banking platform will transform ING's legacy systems to meet its on-going operational, product and regulatory requirements.

"Finacle will enable ING to develop and deliver modern, innovative products to its customers, whilst its employees will benefit from streamlined operations and improved productivity," Rao said.

According to bank's chief information officer Frank Stockx, Finacle was selected through a competitive bidding process on account of its ability to be a single source for services such as process change consulting, system integration and independent testing.

"Over the years, we have seen a standardisation and globalisation of the back-office processes. Technology solutions have matured to integrate our banking IT environment. Working with Finacle will give us flexibility and allow us to focus on customer's needs to become the first universal direct bank," Stockx noted.

The multi-million dollar and multi-year contract also enables Infosys to expand its European footprint into the BeNeLux market.

As a wholly-owned subsidiary of the Netherlands-based ING group N.V., the Belgium bank services 67 million private, corporate and institutional customers in over 40 countries across Europe, Americas, Asia and Australia.