Infosys today announced that the Finacle suite of solutions will be available on Microsoft Azure. Through this offering,banks of all sizes across the globe can leverage Finacle on the cloud. It will help Finacle’s clients reduce infrastructure and technology management costs, and gain flexibility to scale operations rapidly.
Banks can design their journey to the cloud with a variety of flexible deployment options. They can choose to use Azure as a production environment or for development and testing purposes. They can also leverage hybrid models to process peak loads by utilizing ‘cloud bursting’ techniques, while continuing to run routine operations on an in-house environment.
Said Michael Reh, Senior Vice President and Global Head, Finacle, Infosys, “The adoption of cloud in the banking sector has been relatively slow due to rising concerns about security, reliability and compliance. Banks are seeking opportunities to flexibly design their cloud deployment strategies so that they can cater to the increasing load of transactions from digital natives, while reducing technology management costs. Finacle on Azure will offer significant flexibility to banks to design their cloud approach. With Azure running on a network of Microsoft-managed datacenters across 19 regions and Finacle’s experience of delivering solutions across 84 countries, banks across the globe can enjoy the benefits of this partnership.”
Banks can now pay only for the resources consumed, thereby reducing their capital and operational expenditure.
Craig Focardi, Principal Executive Advisor, CEB TowerGroup, said, “The complexity of legacy core banking systems has slowed down the pace at which larger banks are reengineering their in-house systems to become fully digital. It is easier for smaller banks to pursue new cloud-based banking solutions due to simpler IT environments. However, large banks require a combination of hosting and component-based core technology, from trusted partners, which can provide the security, scalability, and risk management controls they require. This alliance provides a flexible suite of core banking system components that banks of all sizes can choose from, to incubate new service delivery models, to improve customer engagement, and to enhance their growth opportunities.”
With cloud deployments, banks can also leverage new innovations from Finacle on an ongoing basis, and minimize the costs and efforts of implementation.
“The need for financial institutions to become digital businesses is more acute than ever. After multiple years of disruption, very few still need to be convinced of the inevitability of digitization, and the need to re-invent business processes and new business models. The cloud in financial services is game-changing in providing the industry with unprecedented opportunities to operate at lower costs with greater agility. Microsoft is therefore delighted to announce an extension to its partnership with Infosys. With the Finacle suite of solutions on Azure, we will support financial institutions in opening doors to a new era of agility and innovation in a security-enhanced environment, while impactfully shrinking their IT infrastructure costs,” said Karen Cone, General Manager Worldwide Financial Services, Microsoft.