Bank Leumi (UK) Selects Infosys Finacle for Online Banking

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Feb 25, 2016, 04:34 ET

BANGALORE and LONDON, February 25, 2016 /PRNewswire/ --

Boutique Bank Kicks off Channels Project by Replacing its Legacy E-banking System

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), today announced an agreement with Bank Leumi (UK) PLC, one of the leading foreign-owned banks in London and part of the international Bank Leumi Group., to replace its existing e-banking system with Finacle Corporate e-banking solution.

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Bank Leumi (UK) PLC recognized the importance of having a modern e-banking system to rapidly offer new products, provide additional functionality, and future-proof capabilities as well as encourage greater customer adoption of online services. Finacle Corporate e-banking solution will enable the bank to focus its efforts on the business, rather than directing efforts to the maintenance of their current system, which was becoming obsolete. The new solution, which optimizes digital channels, will enable Bank Leumi to provide its customers with access to e-banking services through the device of their choice including desktop computers, mobiles, tablets and other devices.

Lesley Secretan Director and COO of Bank Leumi (UK) plc:

"Finacle Corporate e-banking will provide us with a complete and modern e-banking solution for our changing corporate banking requirements. We chose Finacle for its out-of-the box capabilities, enhanced functionality, agile implementation approach, and the ability to work on multiple platforms. Over the years, Infosys Finacle has demonstrated extensive experience in the market, having worked on complex projects with leading banks globally. Perhaps more importantly, we chose Finacle because we liked its look and feel and felt it will be appreciated by our customers once the solution is deployed."

Michael Reh, Executive Vice President and CEO (designate), EdgeVerve:

"Bank Leumi was looking for an agile and sophisticated platform that offers a rich integrated experience. Finacle Corporate e-banking will enable them to offer relevant product offerings, enhanced user experience, and meet the changing needs of its corporate customers."

About Bank Leumi:

Bank Leumi (UK) PLC (BLUK) is the largest Israeli bank in the UK, and a subsidiary of Bank Leumi Group the second largest bank in Israel and with a significant global presence. BLUK is one of the oldest foreign subsidiaries in the UK beginning its operations over 110 years ago. Bank Leumi (UK) offers specialist knowledge with a real competitive edge in both the Israeli and UK markets and has just launched its new Technology Finance Services, which will be based on the knowledge and experience brought from Israel as the world's leading high-tech center, second only to Silicon Valley.

As a niche bank, BLUK have expertise in all areas of Corporate Finance as well as Private Banking, and offers its clients a truly authentic boutique service and solution that best suits their needs.

Bank Leumi (UK) plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

About Infosys Finacle:

Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly-owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 84 countries and serves over 547 million customers - nearly 16.5 percent of the world's adult banked population.

Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.

To know more, visit www.finacle.com

About EdgeVerve Systems Ltd:

EdgeVerve Systems, a wholly-owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients' growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.

Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers - nearly 16.5 percent of the world's adult banked population.

To know more, visit www.edgeverve.com

Safe Harbor

Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2015. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

SOURCE Infosys Finacle