Finacle Lite
Right-sized technology to suit your needs The size of a financial institution matters less in an information-driven environment. Banks that can innovate and respond to the needs of their customers with speed can play at par with larger banks by providing innovative products and services. Many smaller, agile banks have demonstrated that the number of accounts or size of the asset base does not determine the ability to compete. It is the business strategy backed with strong and reliable technology. To compete and grow, these institutions (segment three and four banks) are aware of the need for a world-class technology environment; that is powerful and agile to resist and overcome the challenges posed by the dynamic internal and external business environment. FinacleLite empowers such banks in implementing the industry best practices, range of innovative products and services. Some of the world’s largest banks are powered by Finacle. Many of the world’s best segment three and four banks will be powered by Finacle Lite.
www.infosys.com/finacle Universal Banking Solution | Systems Integration | Consulting | Business Process Outsourcing
Finacle Lite Finacle Lite is a pre-configured, ready-to-deploy core banking solution built on a state-of-the-art technology platform. By providing a framework based on Finacle core banking solution, Finacle Lite assimilates award-winning banking technology used around the globe, with the right pricing and business model that can scale to the needs of smaller institutions. It provides a comprehensive banking solution on a ‘private community cloud’ environment, specifically tailored to address the core banking, e-banking and mobile banking requirements of medium and smaller sized banks. This integrated solution provides the right handles that accelerate innovation in core banking processes across business product lines, entities and currencies. It supports a wide array of financial product offerings in consumer banking, wealth management, corporate banking and trade finance. Finacle Lite does more than just provide saleable and market-proven financial products. It automates critical functions such as customer acquisition, multi-currency transactions, real-time transactional support and regulatory reporting. The solution has been built to sustain highvolume transactions across channels with speed, agility and flexibility.
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The Finacle Lite infrastructure facilitates a range of banking services through a variety of channels including the Web and smartphone technology, allowing you to reach customers in new ways. Feature-rich functionalities can be delivered in a scalable way because of how ‘light’ Finacle Lite really is. It is differentiated by right-sized, highly efficient technology infrastructure and provides applications that have been maximized to make available the greatest functionality with the least amount of processing power. By leveraging Finacle Lite through a subscriptionbased model, financial institutions can minimize capital expenditures, lowering total cost of ownership, while maintaining the same level of application, data security and regulatory compliance available to all Finacle clients. The net result is a system that can allow you to stand on strong footing when competing with a financial institution of any size, secure in the knowledge that your technology infrastructure is not only sized to your organization, but employs the power of Finacle, used by hundreds of banks of all sizes around the world. Finacle Lite delivers the power of an industry leader for banks that have the vision of building ‘tomorrow’s bank’.
Channels
Functional architecture Branch
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Internet
ATM/POS
Mobile
IVR
Customer Information File Consumer Banking and Wealth Management
Corporate Banking and Trade Finance Corporate Banking
Consumer Banking Product Factory
Savings & Checking
Term Deposits
Mortgages
Functional Services Reusable Business Components Accounting Backbone
Current/Overdrafts
Islamic Banking
Securitization
Commercial Lending
Wealth Management Solution Mutual Funds
Infrastructure
Retail Loans
Syndication
Islamic Banking
Trade Finance
Structured Products
Export/Import Forward Financing Contracts
Documentary Guarantees Credits
Standing Orders
Sweeps/Pooling
Payment Systems
Referral
Bill Payments
Liquidity Management
Clearing
Limits/Collateral
Interest/Tax
Exchange Rates
Bank Management
Fees/Charges
Inventory
Channel Rules
Discounts/Preferential Pricing
Signature Veri cation
General Ledger
Multi-Currency
Transaction Manager
24/7
Multilingual
Access Control
Reporting
Audit
Multi-Calendar
Integration Framework Note: Some of the modules/channels require to be separately licensed.
Finacle
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Key modules Finacle Lite combines the advantages of a comprehensive offering and deep functionality, but right-sized to the specific needs of medium and small financial businesses.
Core functions The solution has the following core functional modules with inbuilt products
E-banking
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Consumer banking: deposits and lending
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Wealth management
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Corporate banking: deposits and lending
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Trade finance
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Foreign exchange
The solution provides a proven online solution for retail and corporate banking customers, and features a single unified view of multiple customer relationships with the bank. Finacle Lite provides banking customers real-time access to account inquiries, fund transfers, credit card payments and remittances. A corporate e-banking module provides a consolidated view of corporate banking relationships across asset and liability products, limits and collateral, trade finance and cash management. With an open platform, the module can be easily interfaced with disparate host systems and thirdparty applications.
The core functions module streamlines business functions by facilitating: • Comprehensive integrated customer information file • Multi-currency product definition and management •
Clearing and settlement of intra and inter-bank transactions
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Multi-currency remittances
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Interest, fee and charges
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Trade finance services
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Inventory and standing orders
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Central limits and collateral
Functional infrastructure The functional infrastructure layer presents a wide range of support services with comprehensive master data, a supporting accounting layer, robust interest and fee calculation engine and extensive reporting tools in a real-time, online processing environment. The accounting layer supports real-time multi-currency updates facilitating speedy transaction processing.
Mobile banking Finacle Lite empowers retail and corporate banking customers with access to banking
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services through SMS and GPRS/WAP-enabled handsets leveraging a single platform. Both mobile commerce and mobile payments are offered with built-in support for merchantinitiated payments and reversals in addition to customer-initiated payments and reversals.
Finacle Finanz Tools integration Central to the benefit of Finacle Lite is integration with Finacle Finanz Tools, the high performance set of sales enablers. The tools provided are an integrated family of advanced sales enablers that engage the bank’s customers in personalized graphical product illustrations. These are simple-to-use financial calculators, simulators and modelers that precisely model how financial products work, and convincingly demonstrate their benefits and features. The tools quantify the outcomes of personalized scenarios and produce engaging and interactive visual presentations. Finanz Tools can also help to rank products by customer criteria. This empowers customers with choice, giving them customized options, increasing cross-sell opportunities and shortening buying cycles.
Business benefits Reduced TCO The ‘lightness’ of Finacle Lite is foundation to its power. As a cloud-based solution, savings are realized in people, infrastructure, platform and the application itself. As a pre-configured solution, Finacle Lite presents banks with the advantages of the mission critical functions to accelerate their innovation and time-to-market, while minimizing the cost of deployment. This translates into further savings without the bank having to compromise on the breadth of the offering. The solution’s robust architecture and proven scalability guarantee that the bank’s investment will be protected and provide a cost-effective solution that will create an agile and flexible financial institution.
Extended multi-channel reach Finacle Lite empowers medium to small sized banks to expand their reach by delivering their bank’s offering through a variety of channels, including ATM, mobile and Internet banking. With 24x7 support, the promise of anytime, anywhere financial services can be delivered.
High efficiency and scalability
in multiple markets, without commensurate increase in investment in technology. By leveraging an elegant and powerful technology stack and architecture, Finacle Lite can safely and securely process large operational volumes quickly and accurately with StraightThrough-Processing (STP), which will reduce operational costs.
Faster time-to-market The pre-configured products and services offer virtually an endless set of features for banks to design and deploy across any customer segment. The system also empowers organizations to add new products quickly and seamlessly, and delight their customers with the completeness of their financial relationship. Finally, the userfriendly solution results in reduced training times and, therefore, reduced time-to-market.
Strong data security Finacle Lite provides the utmost in data security and storage, complete with back-up and recovery options for business continuity and disaster recovery. The application and data security, high availability and regulatory compliance are managed centrally.
The solution empowers aggressive business expansion, and can support exponential growth
About Finacle Finacle from Infosys partners with banks to transform process, product and customer experience, arming them with ‘accelerated innovation’ that is key to building tomorrow’s bank. For more information, contact Finacleweb@infosys.com
www.infosys.com/finacle
© 2012 Infosys Limited, Bangalore, India, Infosys believes the information in this publication is accurate as of its publication date; such information is subject to change without notice. Infosys acknowledges the proprietary rights of the trademarks and product names of other companies mentioned in this document.