Infosys bets big on Finacle in EMEA region

By agencies   |   Wednesday, 23 November 2005, 08:00 Hrs
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BANGALORE: The Indian information technology major Infosys Technologies expects Finacle, its banking solution, to grow in a big way in the EMEA (Europe-Middle East-Africa) region and particularly, in the European banks in the next 12 to 18 months.

Announcing this the company’s Vice-President and Business Head, Merwin Fernandes said, “There are a lot of RFPs (request for proposals) and customers in an exploratory stage among European banks and growth will be significant from this region, according to our reading of the market as well as analyst reports.”

About 90 percent of business for the company’s banking business unit is coming from the EMEA and APAC regions, but growth pointers are strong in Europe, though the Asia-Pacific region has been the larger piece of the pie so far.

Infosys has made strategic investments of $10 million in the banking solution to make it a fast track product, apart from consulting with the likes of Tower Group, Celent and Peppers and Rogers to benchmark the product with global markets, especially for the Australian and Russian markets.

Fernandes said, “The West Asian region is a big space for us to expand. The company had five to 10 customers in Saudi Arabia and several in the UAE. There are no Asian vendors of Internet banking products and we are competing and winning against some of the European vendors for standalone Internet banking contracts.”

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