Infosys Finacle to Power Santander UK’s International Cash Management System
Myequity news service | Date : 26-06-2018 16:30:00 IST
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), and Santander UK, a leading financial services provider in the UK, today announced the launch of a new inter-bank cash management system for its corporate customers.
To enhance the user experience, Santander will introduce an inter-bank cash management portal to provide its corporate customers a fully-integrated solution with resilient, secure cash management services accessible through any device of their choice. This will enable greater personalization options and the ability to rapidly introduce new product innovations for customers. Santander will utilize Finacle’s proven digital offering which includes Finacle Online Banking, Omnichannel Hub, Payment Solution and Liquidity Management Solution to help achieve this, and to better support its customers.Highlights
• With Finacle, Santander UK will be able to strengthen its multi-channel cash management, cash forecasting and payment services
• Finacle’s Liquidity Management Solution (LMS) will enable multi-bank reporting and cash management capabilities including sweeping, target balancing and notional pooling
• The design of the offering will help accelerate further payment innovations and manage changes easily and on demand
• Further, corporate treasurers will be empowered to design liquidity structures to achieve the required level of visibility and control over funds. The open APIs will also enable corporates to embed cash management services within their own ERP solutions
• The Finacle solution suite will be made available in a cloud hosted environment ensuring quick time to market, improving underlying infrastructure and allowing greater efficiency and scalability
Sanat Rao, Chief Business Officer and Global Head, Infosys Finacle, said, "Corporate banking customers across the world are becoming increasingly digital in their operations and sophisticated in their demands from their banking relationships. Santander UK’s decision to undertake this transformation program, is a reflection of the bank’s abiding commitment to deepening customer satisfaction, while modernizing for the future. Santander UK will benefit through Finacle’s proven end-to-end solutions and rich experience of implementations in 100 countries.”
Bart Timmermans, Head of Global Transaction Banking (GTB), Santander UK, said, “Using Finacle solutions, Santander will provide our corporate customers a single point of access to better manage their interbank global commercial cash flow conveniently and securely. It represents a significant part of GTB UK’s channel strategy, helping to prepare the bank for its shift towards serving its digitally enabled corporate clients.”About Santander UK
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its innovative products for retail customers and relationship banking model for UK SMEs. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN SM, STD US, and BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core countries in Europe and the Americas, and is the largest bank in the euro zone by market capitalization. At the end of 2017, Banco Santander had EUR 986 billion in customer funds (deposits and mutual funds), 133 million customers, 13,700 branches and 200,000 employees. Banco Santander made attributable profit of EUR 6,619 million in 2017, an increase of 7% compared to the previous year.About Finacle
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights–driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
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