New banking system project for Infosys Finacle in India
Federal Bank, a large private sector bank in India, is to overhaul its treasury operations with Infosys’ Finacle banking system, Banking Technology understands.
Federal Bank is already a long-standing user of Finacle for its core banking operations.
The bank’s treasury ops, however, are running on a legacy Laser Soft system provided by another Indian tech vendor, Intellect Design Arena. Laser Soft Infosystems, a Chennai-based banking software developer, was acquired back in 2009 by Intellect (known as Polaris at the time) for $11 million.
Banking Technology understands Federal Bank is looking to standardise on Finacle, and Laser Soft will be replaced by the Infosys solution.
Infosys declined to comment.