Federal Bank Selects Fiorano ESB For Infosys Finacle Core Banking And Retail Channel IntegrationReported by i-Newswire.com on Friday, 10 August 2012 (on August 10, 2012)
Banking leader to revolutionize customer service levels and rapidly roll-out new revenue channels with Fiorano middleware integration layer
Fiorano Software (http://www.fiorano.com), a leader in enterprise integration and messaging middleware solutions, announced today that the Fiorano ESB has been deployed by Federal Bank, a major Indian commercial bank with a network exceeding 1000 branches, to streamline its operations and accelerate roll- out of value added services through multiple channels.
“Competing in the banking and financial services market today requires cutting edge technology, said Mr. K.P. Sunny, Head of Information Technology at Federal Bank. “ Customers are no longer content to wait so responsiveness, accuracy and customer service delineates the leaders from the laggards. Federal Bank made a conscious decision to invest in Fiorano ESB as its solution of choice. The power of the product is in its architectural simplicity which allows the Bank to put in place a flexible architecture that will scale linearly and allow business decisions to be speedily implemented at the IT level,” he added.
Federal Bank is using over 30 retail banking related applications from various vendors including Infosys’ Core banking platform FINACLE running on mixture of hardware including IBM AIX servers. As part of their expansion plans to increase the number of value added services to its customers, the bank wanted to provide near real-time availability of foreign exchange remittances through SWIFT and had ambitious plans to build a multichannel payment gateway, besides expanding their kiosk facilities and ATM network.
After a detailed evaluation, the bank concluded that many of the offerings from traditional large stack vendors, though feature rich, were not simple and cohesive. Implementation and deployment with such traditional stacks would necessarily require significant custom coding and extensive use of consulting services leading to a high cost structure.
After conducting a rigorous proof-of-concept, the Architectural and IT team at Federal Bank picked Fiorano as the preferred solution that met all of its criteria. Fiorano was selected over larger traditional stack solutions primarily for its ease of use, low learning curve, near linear scalability, software-based high availability, reliability, security and error handling capabilities. The end result will be massive savings in maintenance of their current integration code.
Using the Fiorano ESB to integrate their core banking infrastructure, Infosys FINACLE and multiple retail channels including their SWIFT partners, the bank can now rapidly roll out a myriad of value added services through multiple delivery channels including ATMs, kiosks, hand-held devices, mobile and internet. Fiorano’s architecture supports an incremental deployment model, enabling deployments to be more modular and standardized, less risky and less expensive.
“With readily available, reasonably priced consulting services in India there is always a temptation to try and continue custom development for every project with a point-to-point style of integration,” said Sunny. “The question is how big you want to be and how fast you want to grow. The largest and best banks have shown that a solid middleware infrastructure is the secret to building an agile bank ready to roll out any new service that the market asks for. Revenue acceleration is only possible through cutting edge technology. This is the bottom line for us and we have chosen to go with Fiorano for precisely this reason,” he concluded.
Read the detailed case study at http://www.fiorano.com/customers/casestudies/federal-bank.php.
About Federal Bank (http://www.federal-bank.com)
Federal Bank Limited (NSE: FEDERALBNK, BSE: 500469, LSE: FEDS) is a major commercial bank listed on the Bombay and London stock exchanges and is headquartered in India. As of July 2012, it has over 1000 branches spread across 24 states in India and 1029 ATMs around the country (across 108 metro centers, 224 urban centers, 384 semi-urban locations and 87 rural areas). Federal Bank, with its wide range of products and services, is a financial supermarket providing banking services, e-trading (Fed -e-trade), foreign currency, internet banking (FedNet) and mobile banking (Fedmobile) among others.
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