Infosys Finacle powers Santander UK’s corporate core banking revamp
As FinTech Futures reported exclusively last year, Santander was embarking on a core banking software overhaul.
The bank has a multitude of systems, which it inherited from two UK banks, Abbey National and Bradford and Bingley, which were taken over by Santander. Among major and long-standing suppliers is Finastra (ex-Misys) with its Equation core banking system.
At that time, we said the legacy technology (including Equation) was to be replaced with Infosys’ Finacle.
Now Santander says it will introduce the new portal.
Santander will use Finacle’s digital offerings, which includes Finacle Online Banking, Omnichannel Hub, Payment Solution and Liquidity Management Solution (LMS).
Bart Timmermans, head of global transaction banking (GTB), Santander UK, says this deal “represents a significant part of GTB UK’s channel strategy, helping to prepare the bank for its shift towards serving its digitally enabled corporate clients”.
According to Infosys, LMS will enable multi-bank reporting and cash management capabilities including sweeping, target balancing and notional pooling.
Corporate treasurers will be able to design liquidity structures. The open APIs will also enable corporates to embed cash management services within their own ERP solutions.
The Finacle solution suite will be made available in a cloud hosted environment.