Infosys Finacle selected by XacBank to power digital transformation

By Edil Corneille

XacBank, a universal bank in Mongolia, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced the selection of Finacle’s core banking, treasury, and corporate banking solution suites to power XacBank’s digital transformation.

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.

Tsevegjav Gumenjav, Chief Executive Officer, XacBank said, “At XacBank, we aspire to be the preferred bank in Mongolia for all our customers segments, by providing a modern digital banking experience, while serving their financial needs in a secure manner. To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform…”

With the Finacle digital core banking suite, XacBank will gain a comprehensive set of capabilities and an open platform. The digital product factory will enable the bank to evolve its offerings at speed to keep in sync with market dynamics.

Narayan Samant, Chief Information Officer, XacBank said, “As an innovation leader in Mongolia’s banking sector, our focus is to leverage a digital-first strategy to provide custom curated financial services to our digital savvy customers. We chose Infosys Finacle due to its proven credentials and track record of easily adapting to the dynamic banking landscape in Mongolia…”

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

Venkatramana Gosavi, Senior Vice President & Global Head of Sales, Infosys Finacle said, “XacBank has shown an admirable preference for being ahead of the curve in technology adoption and ensuring a world class banking experience for its customers. To help XacBank achieve this vision, we are delighted to deploy our industry leading Finacle solution suite, the preferred platform of choice for leading banks in Mongolia…”

The Finacle Treasury solution will provide XacBank with a single, unified platform to enable trading, risk management and processing across a wide expanse of cross-asset classes. The solution suite offered is expected to help the bank accelerate its digitisation and automation journey across the enterprise, thereby resulting in improved customer experience and lower costs of operation.