This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Bunna International Bank Partners With Finacle From Infosys For Banking Transformation

Stocks in this article: INFY

ADDIS ABABA, Ethiopia and BANGALORE, India, November 1, 2012 /PRNewswire/ --

New Core Banking Solution to Improve Customer Service and Operational Efficiency

Bunna International Bank, a leading player in the Ethiopian market, today announced the selection of Finacle[TM] core banking solution from Infosys for its transformation journey. Finacle will enable the bank to integrate its front and back office operations and deploy a state-of-the-art loan origination system. This will include automating the credit check and loan approval processes for risk-free and efficient loan disbursals. This transformation will help Bunna improve the overall banking experience for its customers.

Finacle will also complement the bank's aggressive growth plans, which involves doubling its network to 35 branches within the financial year. This solution will give the bank an edge over competition by helping it meet customer and market demands with greater agility. Automated services of the core banking solution will ensure faster processing of front and back office requests and an improved turnaround time for customers. With this solution, the bank will also be able to bring to market targeted and innovative services faster than ever before.

Bunna's decision to deploy Finacle comes at a time when the National Bank of Ethiopia is mandating its member banks to automate their services. Part of the mandate calls for a National Payment System to facilitate automated settlements and inter-bank money transfers. With Finacle, Bunna is not only well positioned to meet the regulatory demands but also has the added benefits of automating its loans and deposit operations. Using Finacle will allow Bunna to facilitate real-time processing of transactions and settlements of payments, which sets the stage for future innovations like mobile wallets and agency banking.

"We have always believed that technology delivers a competitive edge in banking," the President of Bunna, Ato Eshetu Fantaye, said. "Finacle gives us the flexibility we need to grow. This new solution, which will be implemented in a relatively short period, is the key to helping us become far and away the best bank in Ethiopia."

"Being chosen as Bunna's long-term technology partner is an exciting opportunity for us," said Amit Dua, Associate Vice President and Head - Client Services EMEA, Finacle,  Infosys, "As a forward-looking bank, Bunna has rightly chosen to leverage technology to power business transformation and growth. Finacle is the technology platform that can serve as an effective foundation for Bunna and other banks in Ethiopia as they find ways to engage more consumers."

As the local business partner of Infosys, MKTY IT Services Plc. Ethiopia played an integral part in introducing Finacle to the Ethiopian banking community. Since 1994, MKTY has been active in delivering technology-driven business solutions for the banking and financial services industry.

About Infosys

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs