Home >Companies >News >Infosys wins contract from Mongolia-based XacBank

BENGALURU: Infosys Ltd’s wholly-owned subsidiary EdgeVerve Systems has bagged a contract from Mongolia-based XacBank which will use Infosys Finacle’s core banking, treasury, and corporate banking solution to drive digital transformation.

Financial details of the deal were not disclosed.

“The Finacle solution suite will enable the bank to drive all-round business transformation to improve customer engagement, operational excellence, and the flexibility to launch tailored offerings on demand, for continuous innovation and growth," Infosys said.

With Finacle digital core banking suite, XacBank is expected to gain a set of capabilities and an open platform to establish a strong digital presence and evolve its offerings in sync with market dynamics.

The broad suite of enterprise products – deposits, loans, limits and collaterals, payments, trade finance – will enable XacBank to standardize business processes, simplify enterprise architecture, and offer tailored services, Infosys said.

The Finacle Treasury solution will provide XacBank with a single, unified platform to enable trading, risk management, and processing across multiple cross-asset classes.

“To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform. Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs," said Tsevegjav Gumenjav, chief executive officer, XacBank.

This Finacle solution suite is aimed at helping the bank accelerate its digitalization and automation journey across the enterprise, resulting in improved customer experience and lower costs of operation.

XacBank provides integrated banking and financial solutions to consumers and micro, medium, and small enterprises (MSMEs) throughout its 80 branches serving approximately 800,000 customers.

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