New Delhi: India’s second largest software exporter, Infosys is in talks with 10 international banks for export of its universal core banking solution Finacle.
"We are in talks with more than 10 big banks for large deals in different countries for our core banking software, Finacle," Infosys Finacle Vice President and Business Head Merwin Fernandes said.
At present company’s annual revenues are attributed by export of the software Finacle by atleast 69 per cent. Finacle faces stiff competition from i-Flex's Flexcube and Taminos of Switzerland.
During 2005-06, the Infy’s turnover from core banking operations stood at $81.86 million. Without divulging names of the banks, Fernandes said the deals are expected to be finalised in a couple of months.
The business head of Infosys said that the banks that the company would be dealing with are major tier I and tier II banks placed in different regions across the globe.
"We have already increased our tally with 7 new banks choosing Finacle in the first half of this year," Fernandes added.
The IT major is also increasing its focus in untapped markets like Latin America.
Even advanced countries in the long-term can become potential markets since their core banking systems are, on an average, a decade-old and many of them already running high on costs due to outdated transaction processes used by them.
Infosys expects that in the next 2-3 years, global banks in highly developed countries would implement changes, which means huge opportunities for the company’s software export.
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