Infosys and Verizon announced a deal this week that will see the Indian outsourcing specialist offer its financial suite of software services on Verizon’s cloud platform in the US. The move is part of a broader effort to update its strategy for the times and go all in on cloud.
The Finacle suite, targeted primarily at banks and credit unions, is a white label core and digital banking services solution. Infosys said offering the solution as a PAYG software as a service can make it less costly and more flexible to deploy.
“Providing real-time and compelling customer experience across multiple channels is a difficult task, even for the largest of financial institutions with significant resources,” said Michael Reh, senior vice president and global head of Finacle, Infosys.
“With Finacle solutions now available on Verizon Cloud, financial institutions of all sizes, across the U.S., will be able to provide the latest banking services to their customers without any major investment,” Reh said.
Adam Famularo, vice president, global channel, Verizon said: “Together, Finacle and Verizon will enable new flexibility for clients. Financial institutions will benefit from Finacle’s comprehensive solution coverage and high-performance platform hosted on the Verizon Cloud to help them improve agility, achieve sustainable, profitable growth and drive their business.”
Since 2014 Infosys has ramped up its cloud partnerships in a bid to shift its outsourcing business towards higher margin activities, and financial services seems to be a more promising sector for cloud growth than originally anticipated. Gartner for instance predicts that by 2016, more than 60 per cent of global banks will process the majority of their transactions in the cloud, and many are already migrating less sensitive functions.