07/21/2021 | Press release | Distributed by Public on 07/21/2021 03:05
Bangalore, India and London, United Kingdom - July 21, 2021
Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NSE, BSE, NYSE: INFY) and Santander UK, today announced the roll out of Santander UK's international cash management platform as part of the bank's ongoing digital transformation programme.
Santander Global Connect, is a brand-new cash management platform designed to support the international growth plans for Santander's corporate and commercial customers. The first release of the platform, which is currently in pilot, provides customers with access to view liquidity held globally. Subsequent releases will enable self-service digital capabilities to manage, control, and mitigate cash and business risk, all from a single portal. Client feedback will form a critical part of future enhancements, to ensure the global cash management platform meets and exceeds client requirements.
John Carroll, Head of International and Transactional Banking, Santander UK, said, 'This new platform will allow us to support UK businesses of all sizes to seamlessly manage their international transaction and cash management banking needs. It will also help us to develop and grow relationships with existing customers and support the international growth needs of new customers. There has never been a more important and exciting time for businesses to consider international expansion. By collaborating with Finacle, we're able to offer our customers a crucial tool to support both them and our own international banking strategy now and in the future.'
Sanat Rao, Chief Business Officer & Global Head, Infosys Finacle, said, 'With the increased volatility and complexity of the global business environment, corporate treasurers need to monitor and manage their liquidity positions and working capital in real-time. We are excited to extend our partnership with Santander UK to enable this for their corporate and commercial banking customers. The new platform will power innovative global cash and liquidity management services, along with much-needed flexibility, openness, and self-serve capabilities.'
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2020, the bank had around 21,900 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers' eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Finacle is the industry-leading digital banking solution suite from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. Finacle helps traditional and emerging financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. Today, banks in over 100 countries rely on Finacle to service more than a billion consumers and 1.3 billion accounts.
Finacle solutions address the core banking, omnichannel banking, payments, treasury, origination, liquidity management, Islamic banking, wealth management, analytics, artificial intelligence, and blockchain requirements of financial institutions to drive business excellence. An assessment of the top 1250 banks in the world reveals that institutions powered by the Finacle Core Banking Solution, on average, enjoy 7.2% points lower costs-to-income ratio than others.
To know more, visit www.finacle.com
Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2021. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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