IDBI Bank to revamp technology platforms

By Our Special Correspondent

BANGALORE, JAN. 6. The IDBI Bank is investing Rs. 40 crores in its new generation banking e-platforms. The bank is tying up with Infosys, Reuters, Synergy Log In and NCR Corporation for a total revamp of its technology platforms.

The bank has entered into a strategic partnership with Infosys Technologies Ltd., for replacing its current core banking system with Finacle, the e-age banking solution. The bank has tied up with the Reuters for its flagship risk management product Kondor+, and with Synergy Log In Systems for its Integrated Treasury Management. The IDBI Bank has also signed a major contract with NCR Corporation for supply of 200 higher-end ATMs.

Deploying Finacle from Infosys will enable IDBI Bank to consolidate its position as one of the leading new generation private sector banks, meet challenges and quickly seize new business opportunities. The new technology platform will be live within the next six months. With the acquisition of Finacle, IDBI Bank has leaped onto a new generation banking e-platform, according to Mr. Gunit Chadha, MD and CEO of the bank.

Its centralised and integrated corporate, retail and trade finance solution is designed to extend the bank's reach to the entire enterprise in a seamless manner -- from the front office to the back office. This solution, which leverages Web technology, will enable the bank to integrate with surround-Web applications thus creating a powerful banker's desktop.

Mr. Girish Vaidya, Head, Banking Business Unit, Infosys Technologiesm said the Finacle solution provided powerful and unique capabilities such as 24X7X365 banking, Straight Thought Processing, workflow and a high level of flexibility.

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