OREANDA-NEWS. November 19, 2007. Finacle chosen for its scalability and implementation track record

Infosys Technologies (NASDAQ:INFY) today announced that Alliance Bank has chosen Finacle Universal Banking Solution from Infosys, to power the bank’s strategic business transformation initiative. Alliance Bank, ranked among the five largest banks in Kazakhstan and one of the most dynamic banks in the region, will be using the Finacle solution for its core banking, e-banking, CRM, and treasury operations. This will perform a key function in helping Alliance Bank scale operations, enhance functional efficiencies, proactively respond to new opportunities and help enhance its existing image of being a socially responsible institution in Kazakhstan for customers, employees, investors and the State.

According to Mr. Dauren Kereibayev, Chairman of the Board, Alliance Bank, “We have implemented the Finacle solution as a business transformation initiative rather than just a technology project. We believe that Infosys’ international experience will prove useful in the banking practice of Kazakhstan, and the implementation of a new technology platform will give the bank a competitive advantage."

Kazakhstan inherited the State-controlled banking and financial systems in 1991 and these systems are currently being upgraded as the revolution to modernize banking systems sweeps across the region. Alliance Bank has emerged as a strong leader in this rapidly growing geography by quickly adopting global technology banking practices and implementing the Finacle universal banking solution to set a precedent for other banks in the region.

“We are overhauling our IT systems to meet our changing business requirements,” said Mr. Alexey Vorontsov, Managing Director (Project Office) at Alliance Bank. “We chose Finacle for the comprehensive breadth of the solution, scalability, retail orientation and its proven ability to deliver on complex and large scale projects. We realize that such large-scale projects require constant support and involvement from the bank itself, and believe that the current stage of our development matches the complexity of such a project”.

Commenting on the win, Sanat Rao, Vice President & Head- Wordwide Sales, Finacle, Infosys Technologies, said, “Russia and CIS are among the fastest growing banking markets and this partnership is a significant reinforcement of Finacle’s leadership in the region. This partnership is another testimony to the continuous investments that we have made in the region to understand the banking practices, and creating a solution that best addresses the banking challenges and opportunities of the future.

CMA Small Systems, the sales and implementation partner of Infosys for Russia and the Commonwealth of Independent States (CIS) region was also chosen to participate in the implementation by Alliance Bank. Currently Finacle’s customer base spans across 58 countries and was recently recognized by top analysts including Gartner, Forrester and Celent. Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was also positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**.