Australian bank goes digital with Infosys cloud software

Bengaluru: Software major Infosys said on Tuesday that Australian Military Bank (AMB) in Sydney went live digitally on the Finacle cloud platform of its subsidiary EdgeVerve Systems.

“Our Finacle cloud software has enabled AMB offer world-class banking experience on the digital platform, implemented on the software as a service (Saas) model in 10 months,” said the city-based IT firm in a statement here.

As Australia’s longest-serving defence financial institution, AMB has been serving its defence personnel and their families since 1959.

“Our financial software product (Finacle) has enabled the bank to gain operational benefits and cost efficiencies besides enhanced security and scalability,” said the statement.

The Finacle solution has replaced the bank’s legacy systems to keep pace with new technology developments and allow a speedy response to market demands.

“The solution also enables open application programming interfaces (APIs) that overcome limitations for the bank’s ability to work with ecosystem partners,” noted the statement.

The bank has been processing about 40,000 mixed transactions per day, with 22,000 card transactions and nearly 7,000 composite payments transactions on average per day on the digital platform.

The system has helped the bank make the origination process simpler and drive the creation of a pipeline of 61 million Australian dollars worth of loans during the first month of using the new software.

“The bank is able to onboard new members and open accounts, complete with transactions enabled, within minutes,” added the statement.