Heritage Bank Deploys Finacle, a Core Banking Software
Staff Writer
Heritage Bank has announced its deployment of Finacle, a core banking software package developed by Infosys. The software would be useful for retail banking operations, and other verticals in that area of banking. It released a statement over the weekend about the new technology, showing its readiness for the financial climate in the country.
According to the statement; “The deployment of Finacle by Heritage Bank was implemented in just 50 days, thereby enabling it to meet the go-live mandate set by the Central Bank of Nigeria. With this core banking solution, Heritage Bank will achieve significant automation in both front and back office operations, reducing manual effort and optimising banking processes.”
“Already, the bank has opened more than 250 customer accounts within just a few days of launching the new solution, and continues to onboard more. While addressing a large and existing high networth individual user base central to the bank’s business goals, Finacle will also enable Heritage Bank launch fresh product offerings targeted at the small and medium business segment.”
Implementation highlights
Aggressive launch timelines: Finacle was implemented in just 50 days. This enabled Heritage Bank to meet the go-live mandate set by the Central Bank of Nigeria.
Automation powering efficiency: With a core banking solution, Heritage Bank will achieve significant automation in both front and back office operations, reducing manual effort and optimizing banking processes. The deployment of a treasury solution delivers Straight-Through Processing (STP) capabilities, that will ensure efficient reconciliations and transaction recording and accounting.
Account and footprint growth: The bank has opened more than 250 customer accounts within just a few days of launching the new solution, and continues to onboard more. Three new branches have been added to its network with plans to grow to 19 outlets by the end of the year.
Target new segments: While addressing a large and existing HNWI user base is central to the bank’s business goals, Finacle will also enable Heritage Bank launch fresh product offerings targeted at the small-to-medium business segment, driving business growth.
Branchless Banking: Heritage Bank will deploy branchless banking using Finacle. The new solution facilitates transactions on mobiles, smartphones and tablets to deliver the convenience of anytime, anywhere banking.
Commenting on this feat by the bank, Ike Williams, CIO, Heritage Bank said, Heritage Bank has set out to be a force in the Nigerian banking sector through the effective use of cutting edge technology. Starting with a world record for the fastest core banking deployment is an indication that we mean business. This project has been quality assured by PWC, so our methodology is top notch. I doubt we could have partnered with a better provider than Infosys on this project.”
On his part, Amit Dua, AVP and Head-EMEA, Infosys Finacle said, “With this implementation at Heritage Bank, Infosys Finacle again proves to be a key innovation enabler for our banking customers. The deployment of our bank-in-a-box solution on such tight timelines demonstrates our ability to meet customer deadlines. As our 14th customer in the Nigerian market, Finacle understands the bank’s needs and challenges in accelerating their innovation agenda.”
