Finacle
Banking software
From Wikipedia, the free encyclopedia
Finacle is a banking software developed by Infosys. Finacle was created in 1999 as a core banking software suite and has been a part of Infosys' subsidiary EdgeVerve Systems since 2015.
| Finacle | |
|---|---|
| |
| Original author | Infosys |
| Developer | Infosys |
| Initial release | 1999 |
| Operating system | Cross-platform |
| Service name | Infosys Finacle Banking |
| Type | Banking software |
| License | Commercial |
| Website | www |
History
Infosys launched Finacle in 1999 as a software package providing banking process automation and digital banking services.[1] In 2002, Infosys consolidated its other banking software products, including BankAway and PayAway, under Finacle.[2]
In 2006, Finacle reported that it generated about 69% of its total revenue from overseas locations, largely from banks and financial institutions in the EMEA region.[3][4] In 2007, Finacle released its Bank-in-a-Box (BIAB) software framework.[5] In 2008, Finacle added Islamic banking, wealth management, mobile banking,[6] and rural banking capabilities.[7]
In 2010, Finacle reported around $300 million in annual revenue.[8] In 2013, American Banker noted that the new version of Finacle allowed the purchase of individual modules.[9] In 2014, Finacle global head Mangipudi Haragopal resigned and was replaced by Michael Reh.[10][11]
In 2015, Infosys merged Finacle with its software products subsidiary EdgeVerve Systems.[12][13] Under EdgeVerve Systems, Finacle became a cloud-based platform, and included customer relationship management and payments offerings.[1] In 2017, Finacle released Trade Connect, a blockchain-based trade finance application for banks.[14][15]
