Infosys Ltd., an Indian IT multinational developer of Finacle, has started to work on ways of incorporating the blockchain into its core banking software.
The Indian firm has hired top executives from industry rivals SAP Labs India, Sopra Banking Software and Temenos, to work on improving the capabilities of Finacle with next-gen technologies.
“[Finacle] is a leading product recognized globally, but surely there are areas that need re-engineering,” a Fintacle executive who wished to remain anonymous told media outlet Live Mint. “How do we make it more compatible in the age of mobile banking, and what other applications we need to build, develop on Blockchain so that we can offer benefits to our clients.”
Michael Reh, who currently heads Finacle, was assigned to gauge the merits of Bitcoin’s blockchain for Infosys’ banking software. According to sources close to the matter, the firm’s top management has set priorities on better serving mobile banking needs and adding insurance domain technology.
Another executive who works in the Finacle unit, said:
“The thing with [Blockchain] is that we still do not know the full technology impact it can have. More than just knowing the payments, we can get insights in legal documents, or use for even credit-worthiness of parties. All this obviously makes [a core banking] product stand out.”
Other industry leaders believe that Infosys’ interest in the blockchain would enable the firm to be a step ahead of competitors in case bitcoin succeeds in reaching mainstream acceptance.
Jost Hopperman, Vice-President of Banking Applications and Architecture, at Forrester Research, stated:
“As soon as the client base of global banking platform vendors – mainly banks – consider Bitcoin and Blockchain as mainstream, it will be the time when banking platform vendors should incorporate Bitcoin/Blockchain capabilities into their solutions.
Will they be open to embracing Bitcoin and Blockchain? Vendors with more advanced architectures will certainly find it easier to offer this kind of support.”
Finacle’s core banking software is used by multiple banks around the globe, including Nadra Bank of Ukraine, ICICI Bank of India, Al Hilal Bank of the United Arab Emirates, and Singapore’s DBS Bank.
Finacle currently generates 90% of its revenues from Asia Pacific, Europe and the Middle East.
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