Ind: Vijaya Bank launches new core banking solution

General Press Releases Friday April 2, 2004 08:11

Vijaya Bank announced the launch of a powerful all-new Core Banking Solution initiative for their consumer and corporate banking customers. Infosys's centralized banking solution - Finacle? powers Vijaya Bank's Core Banking Solution. While Wipro as prime integrator, will work on end-to-end implementation and integration of Finacle? as well as providing Tele-banking and Anti-Money Laundering Solutions to Vijaya bank. Central to the launch of all new-Core Banking Solution where its Data Centre is going live from today, Vijaya Bank also announced that the bank's Corporate Branch in Bangalore is also going live simultaneously.

Mr. Azim Premji, Chairman, Wipro Limited and Mr. N. R. Narayana Murthy, Chairman and Chief Mentor, Infosys Technologies Limited inaugurated the Data Centre and the Corporate Branch to mark the automation and integration of Vijaya Bank's Corporate Branch with the Core Banking Solution today at Bangalore.

Shri M. S. Kapur, Chairman and Managing Director, Vijaya Bank, said, "We are delighted to launch our all new - Core Banking solution today. This is the first of several new business and technology initiatives that Vijaya Bank plans to announce in the coming months. We believe that the Core-Banking Platform adopted by Vijaya Bank will provide our customers with a delightful experience."

"It gives me great pleasure in announcing that two of the world's leading IT companies, Wipro and Infosys will be our partners for implementing this mission-critical initiative of the Bank. This move also serves as an assurance to the bank's various stakeholders - shareholders and customers, on the timely and successful roll-out of our all new Core Banking Solution", Shri Kapur added.

Mr. Azim Premji, Chairman, Wipro Limited, said, "We are extremely happy to be the IT Partner of choice for Vijaya Bank, in this prestigious project. Our trust on the Finance and Banking vertical has been instrumental in us winning this project. Our aim is to provide complete IT Solutions that address the core of our customers' businesses. This project is an endorsement of Vijaya Bank's trust in our experience, quality processes and globally proven technology skills."

Mr. N. R. Narayana Murthy, Chairman and Chief Mentor, Infosys Technologies in a statement added," We are delighted with this opportunity to work with a very prestigious bank like Vijaya Bank. Infosys has played a key role in achieving business transformation for some of the most reputed banks in India and this underlines our commitment to provide technology which not only improves bank's business processes and efficiency but also contributes towards economic development of the country. We believe that a good core banking solution, apart from being proven globally and offering a lower Total Cost of Ownership, should enable the bank to gain business agility and create a competitive differentiation. Finacle? fits these criteria perfectly."

The Bank will deploy Finacle? across all horizontals and all branches in India and Wipro, as prime integrator, will work on end-to-end implementation and integration of Finacle? and associated IT infrastructure. The Finacle? solution has emerged as the solution of choice amongst leading Public Sector Banks and has clearly consolidated its leadership position winning 5 out of 7 deals in this segment.

The project comprises deployment of Finacle? s from Infosys consisting of Core Banking, Trade Finance, CRM and Internet Banking. Wipro will work on integrating Finacle? as well as providing Tele-Banking and Anti Money Laundering Solutions. In additions to these applications Wipro will also provide relevant IT infrastructure comprising high availability Servers to support the applications. It will also design and implement the associated IT infrastructure consisting of the 450 location WAN, Data Center, Disaster Recovery Center and the Help Desk / Call Center and manage the IT infrastructure for an extended period.

To begin with, Vijaya Bank has planned a Pilot Phase to bring 10 branches under Finacle? (all branches will be linked directly to the central database server) by April 2004. Over the next three years, the bank plans to link 360 additional branches to this mainframe.

--www.theasianbanker.com (April 2, 2004)--

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