Finacle
{{Short description|Banking software}}
{{Use dmy dates|date=August 2024}}
{{EngvarB|date=August 2024}}
{{Infobox software
| name = Finacle
| logo = Finacle Logo.png
| screenshot =
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| collapsible =
| author = Infosys
| developer = Infosys
| released = {{start-date|1999}}
| latest release version =
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| latest preview version =
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| programming language =
| operating system = Cross-platform
| platform =
| service_name = Infosys Finacle Banking
| size =
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| genre = Banking software
| license = Commercial
| website = {{URL|www.finacle.com}}
}}
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.
History
Infosys launched Finacle in 1999 as a software package providing banking process automation and digital banking services.{{cite news |title=Infosys' Finacle is finally having a moment two decades after launch |last1=Moorthy| first1=Swathi|url=https://www.moneycontrol.com/news/business/infosys-finacle-is-finally-having-a-moment-two-decades-after-launch-5817511.html |access-date=17 August 2024 |work=Moneycontrol|date=17 September 2020}} In 2002, Infosys consolidated its other banking software products, including BankAway and PayAway, under Finacle.{{cite news |last1=K. |first1=Giriprakash |title=Infosys consolidates banking suite under Finacle |url=https://www.rediff.com/money/2002/aug/23infy.htm |access-date=17 August 2024 |work=Business Standard |publisher=Rediff|date=23 August 2002}}
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.{{cite news |title=Infy eyes 10 big banks for Finacle |url=https://economictimes.indiatimes.com/tech/software/infy-eyes-10-big-banks-for-finacle/articleshow/925214.cms |access-date=17 August 2024 |work=The Economic Times |date=25 December 2006}}{{cite news |last1=Franco |first1=Jose |title=Infosys offers Finacle to Shariah-compliant banks |url=https://www.khaleejtimes.com/business/infosys-offers-finacle-to-shariah-compliant-banks |access-date=17 August 2024 |work=Khaleej Times |date=3 December 2007 |language=en}} In 2007, Finacle released its Bank-in-a-Box (BIAB) software framework.{{cite news |title=Infosys launches universal banking solution |url=https://economictimes.indiatimes.com/infosys-launches-universal-banking-solution/articleshow/2500166.cms |access-date=17 August 2024 |work=The Economic Times |date=29 October 2007}} In 2008, Finacle added Islamic banking, wealth management, mobile banking,{{cite news |title=Infosys unveils Finacle 10 with new set of offerings |url=https://economictimes.indiatimes.com/tech/software/infosys-unveils-finacle-10-with-new-set-of-offerings/articleshow/2799107.cms |access-date=17 August 2024 |work=The Economic Times |date=20 February 2008}} and rural banking capabilities.{{cite news |last1=Mishra |first1=Bibhu Ranjan |title=Finacle sniffs next wave of opportunities in RRBs |url=https://www.business-standard.com/article/technology/finacle-sniffs-next-wave-of-opportunities-in-rrbs-108072901047_1.html |access-date=17 August 2024 |work=Business Standard |date=29 July 2008}}
In 2010, Finacle reported around $300 million in annual revenue.{{cite news |title=Infosys' banking software products division Finacle grows 14.8% in Q2 |url=https://economictimes.indiatimes.com/markets/stocks/earnings/infosys-banking-software-products-division-finacle-grows-14-8-in-q2/articleshow/10471769.cms |access-date=17 August 2024 |work=The Economic Times |date=24 October 2011}} In 2013, American Banker noted that the new version of Finacle allowed the purchase of individual modules.{{cite news |last1=Crosman |first1=Penny |title=Infosys Breaks Core Banking Software into Easier-to-Digest Pieces |url=https://www.americanbanker.com/news/infosys-breaks-core-banking-software-into-easier-to-digest-pieces |access-date=17 August 2024 |work=American Banker |date=18 September 2013 |archive-url=https://web.archive.org/web/20190719170224/https://www.americanbanker.com/news/infosys-breaks-core-banking-software-into-easier-to-digest-pieces |archive-date=19 July 2019 |language=en}} In 2014, Finacle global head Mangipudi Haragopal resigned and was replaced by Michael Reh.{{cite news |title=Former SAP Executive Michael Reh to Head Infosys' Finacle: Report |url=https://www.ndtvprofit.com/business/former-sap-executive-michael-reh-to-head-infosys-finacle-report-675900 |access-date=17 August 2024 |work=NDTV |date=7 October 2014 |language=en}}{{cite news |last1=Sood |first1=Varun |title=Infosys' banking platform Finacle looks to invest in US-Asia Pacific |url=https://economictimes.indiatimes.com/tech/ites/infosys-banking-platform-finacle-looks-to-invest-in-us-asia-pacific/articleshow/45499858.cms |access-date=17 August 2024 |work=The Economic Times |date=13 December 2014}}
In 2015, Infosys merged Finacle with its software products subsidiary EdgeVerve Systems.{{cite news |title=Infosys to merge Finacle with Edgeverve |url=https://timesofindia.indiatimes.com/tech-news/infosys-to-merge-finacle-with-edgeverve/articleshow/46579476.cms |access-date=17 August 2024 |work=The Times of India |date=16 March 2015}}{{cite news |last1=Sood |first1=Varun |title=Infosys to carve out Finacle, club it with EdgeVerve |url=https://www.livemint.com/Companies/XsByY3Z6uHcvr3np3yyyiL/Infosys-to-carve-out-Finacle-club-it-with-EdgeVerve.html |access-date=17 August 2024 |work=Mint |date=15 March 2015}} Under EdgeVerve Systems, Finacle became a cloud-based platform, and included customer relationship management and payments offerings. In 2017, Finacle released Trade Connect, a blockchain-based trade finance application for banks.{{cite news |title=Infosys Finacle launches blockchain based trade finance solution for banks |url=https://cio.economictimes.indiatimes.com/news/enterprise-services-and-applications/infosys-finacle-launches-blockchain-based-trade-finance-solution-for-banks/61849395 |access-date=17 August 2024 |work=The Economic Times |language=en}}{{cite news |title=Blockchain-based solutions, key to Infosys' Finacle growth plans |url=https://www.thehindubusinessline.com/info-tech/blockchainbased-solutions-key-to-infosys-finacle-growth-plans/article9983350.ece |access-date=17 August 2024 |work=BusinessLine |date=5 December 2017 |language=en}}
Operations
Finacle had 6,000 employees in 2015.{{cite news |title=Infosys to re-engineer Finacle, revamp compensation structure |url=https://www.business-standard.com/article/companies/infosys-to-re-engineer-finacle-revamp-compensation-structure-115041300355_1.html |access-date=17 August 2024 |work=Business Standard}} As of 2020, Finacle claimed that it was being used by banks in over 100 countries.{{cite news |last1=Giriprakash |first1=K. |title=Banking on new partnerships, Finacle plays catch up |url=https://www.thehindubusinessline.com/info-tech/banking-on-new-partnerships-finacle-plays-catch-up/article25362670.ece |access-date=17 August 2024 |work=BusinessLine |date=29 October 2018 |language=en}}