09 Sep 2008
Israel Discount Bank (IDB) has selected Finacle e-banking solution to help expand the bank's Internet and mobile channels aimed at its corporate, small and medium enterprises (SME) and retail banking business. The platform will form a component of the bank's portalisation strategy, which is the ability to offer a single window to all its services on the Internet, and will be offered as a portal-enabled solution on IBM technology.
Over the past two years, IDB had been focused on a transformation of its core banking system but has now decided to ramp up its e-banking offering. Previously, the bank used its retail Internet banking solution to serve its corporate and SME clients, but found that it was no longer up to the mark of a best-of-breed solution needed to leapfrog its competition. The bank needed faster time-to-market for launching new features and products for its SME and retail banking operations, previously managed on software applications developed in-house.
With the Finacle solution, IDB corporate, retail and SME customers will be able to make enquiries and transactions through Internet and mobile banking, which also includes making payments to beneficiaries and third party service providers. The solution will be rolled out in stages: first to corporate and SME customers within 12-14 months; and second to retail clients within 12 months after the first implementation.
The bank will also implement MConnect, which is a device agnostic, context-aware, real-time transaction mobile middleware. The solution provides a unique user interface on each hand-held device and will enable the bank to offer differentiated mobile banking services in the local market.
Infosys beat competitor Corillian, a US-based Internet banking specialist, after an 18-month consultation process. In an interview with gtnews, Amit Dua, associate vice president and head of Finacle EMEA, said that IDB chose Finacle because the solution is based on J2EE, while Corillian is based on Microsoft .Net technology. Also, the bank was convinced of Infosys' delivery capability.
Shai Vardi, deputy director of operation and IT division at the bank, said: "Our present market environment required a radical transformation in our e-banking infrastructure to improve our performance and enhance the channel experience for our customers. We chose Finacle for its proven new generation solution and delivery track record."
As mandated by IDB, Infosys will partner with a local technology services firm, Taldor, for implementation. Infosys chose Taldor because of the strength of its credentials as one of the top three systems integrators in Israel.
First published on www.gtnews.com
- Joy Macknight
- I am deputy editor at The Banker, a Financial Times publication. I joined the magazine in August 2015 as transaction banking and technology editor, which remain the beats I cover. Previously I was features editor at Profit & Loss, an FX and derivatives publication and events company. Before that I was editorial director of Treasury Today following a period as editor of gtnews.com. I also worked on Banking Technology, Computer Weekly, and IBM Computer Today. I have a BSc from the University of Victoria, Canada.