Punjab National Bank Becomes the first bank to leverage the ISO 20022 based modern platform to transform payment services
Punjab National Bank rolls out Enterprise Payments Hub from Infosys Finacle
Becomes the first bank to leverage the ISO 20022 based modern platform to transform payment services
Punjab National Bank (PNB), India’s second largest Public Sector Bank and Infosys(NYSE: INFY), a global leader in consulting, technology and next-generation services, announced that PNB has rolled out Finacle Payments solution across all its 6800+ branches and its five sponsored Regional Rural Banks (RRBs). With this implementation, PNB has become the first bank globally to deploy Finacle Payments version 11. The solution provides PNB comprehensive benefits of an enterprise payments hub – enhancing operational efficiencies and ability to deliver superior customer experience through value-added services and tailored payment offerings. With RTGS facility already implemented through the solution, PNB has planned to extend other payment schemes like NEFT, SWIFT, NACH and IMPS through this platform in a phased manner.
The Finacle Payments solution has replaced multiple systems, resolving the challenges related to reconciliation, manual interventions and maintenance across the various legacy systems. The new solution will manage end-to-end payments lifecycle and processes, regardless of originating channels, and back-end applications.
The Finacle Payments solution provides PNB with an enterprise wide engine with multi-product, multi-channel and multi-currency capabilities. This allows PNB to bring down the operational costs and time to compliance, while gaining better control, transparency and visibility across payments life cycle
Successful implementation of the solution will enable the bank to offer tailored payment services to different customer segments, with relationship based pricing, and personalised rule-based process flows
The platform’s scalability and open architecture will enable seamless support for bank’s future business growth.
Shri GauriShankar ,MD & CEO, Punjab National Bank:
“Payments is possibly the fastest evolving area in the whole gamut of banking. With more and more payment schemes working in time bound manner, there is a need to have a highly scalable payment solution. The Finacle Payments solution brings in a robust, scalable and future-proof platform to support both online and file-based processing with a high degree of Straight Through Processing (STP). Along with the solution’s security features, cost efficiency and performance capabilities, we believe the Finacle solution will help PNB stay ahead of the curve and deliver superior services to our customers.”
Michael Reh, SVP and Global Head, Infosys Finacle:
“The Indian payments market is one of the most dynamic in the world with rapidly growing electronic payments volume, introduction of multiple new payment schemes, new players and newer modes of payments based on mobile technologies. With Finacle Payments, PNB will be able to achieve superior operation efficiencies, manage growing volumes and accelerate innovation to strengthen its position in the market”