India Post Selects Infosys to Transform its Financial Services
Poster: SySAdmin
Posted on August 9, 2012 at 5:21:01 AM
India Post Selects Infosys to Transform its Financial Services
NEW DELHI, India, August 9, 2012/PRNewswire-FirstCall/ --
Infosys, a global leader in consulting and technology, today announced that it has
been selected by the Department of Post, Ministry of Communications and Information
Technology, Government of India for a mission critical program that will enhance India
Post's financial services across 150,000 post offices in the country. This is part of the
'India Post 2012' modernization program that aims at bringing transparency, agility,
flexibility and scalability to India Post's operations.
Under the agreement, Infosys and India Post will embark on a transformational
initiative, which encompasses Financial Services System Integration. This project,
estimated at INR 700 crores, aims to transform India Post into a technology-enabled and
autonomous market leader, by revolutionizing its financial operations and end-user
services.
As Financial Services System Integrator, Infosys will implement and manage its
flagship Finacle(TM) Core Banking and McCamish(TM) Insurance products to help India Post
transform its banking and insurance operations - covering more than 200 million banking
customers across urban and rural India; including a large base of insurance customers.
Infosys will be installing 1,000 ATMs for India Post as part of this program to increase
the effectiveness of its delivery channel and will also implement an electronic Content
Management system to manage millions of documents generated as part of India Post's
financial operations.
For the project, Infosys will support India Post in the following areas:
- Complete System Integration including designing, building, supplying,
installing and commissioning hardware and software
- Data migration and deployment of the platforms and solutions across all
identified post offices
- Supporting multi-year managed services, application support and infrastructure
operations
- Training more than 35,000 India Post employees across the country on the usage
and deployment of the new platform and solutions
Speaking about this deal, Mr. A. S. Prasad, Deputy Director General, Financial
Services, India Post, said, "We are confident that Infosys' extensive global experience
with transformational programs in the financial and systems integration space will be
instrumental in rolling out this ambitious program aimed at driving technology superiority
at India Post, by introducing key solutions like core banking. This transformational
program is expected to enhance India Post's services, bringing us on par with the best in
the banking industry; and will help us expand the reach and effectiveness of our
operations through technology enablement of India Post employees."
"Infosys will be drawing upon its expertise and domain knowledge across the banking
and financial sector, to transform India Post's services to empower end-consumers. This
project offers us rich scope to innovate and optimize the largest financial and insurance
distribution channel in the country and we look forward to deploying our strong
capabilities across industries and technologies, in a role that has the potential to
significantly impact millions of citizens in the country," said Mr. CN Raghupathi, VP and
Head India Business, Infosys.
About India Post
For more than 150 years, the Department of Posts (DoP) has been the backbone of the
country's communication and has played a crucial role in the country's socio-economic
development. It touches the lives of Indian citizens in many ways: delivering mails,
accepting deposits under Small Savings Schemes, providing life insurance cover under
Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) and providing retail
services like bill collection, sale of forms, etc. The DoP also acts as an agent for
Government of India in discharging other services for citizens such as Mahatma Gandhi
National Rural Employment Guarantee Scheme (MGNREGS) wage disbursement and old age pension
payments. With 1, 55,015 Post Offices, the DoP has the most widely distributed postal
network in the world.
About Infosys
Many of the world's most successful organizations rely on the 151,000 people of
Infosys to deliver measurable business value. Infosys provides business consulting,
technology, engineering and outsourcing services to help clients in over 30 countries
build tomorrow's enterprise. For more information about Infosys (NASDAQ: INFY), visit
http://www.infosys.com
Safe Harbor
Certain statements in this release concerning our future growth prospects are
forward-looking statements, which involve a number of risks and uncertainties that could
cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to,
risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign
exchange rates, our ability to manage growth, intense competition in IT services including
those factors which may affect our cost advantage, wage increases in India, our ability to
attract and retain highly skilled professionals, time and cost overruns on fixed-price,
fixed-time frame contracts, client concentration, restrictions on immigration, industry
segment concentration, our ability to manage our international operations, reduced demand
for technology in our key focus areas, disruptions in telecommunication networks or system
failures, our ability to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the companies in which
Infosys has made strategic investments, withdrawal or expiration of governmental fiscal
incentives, political instability and regional conflicts, legal restrictions on raising
capital or acquiring companies outside India, and unauthorized use of our intellectual
property and general economic conditions affecting our industry. Additional risks that
could affect our future operating results are more fully described in our United States
Securities and Exchange Commission filings including our Annual Report on Form 20-F for
the fiscal year ended March 31, 2012 and on Form 6-K for the quarters ended September 30,
2011, December 31, 2011 and June 30, 2012.These filings are available at
http://www.sec.gov. Infosys may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the company's filings with
the Securities and Exchange Commission and our reports to shareholders. The company does
not undertake to update any forward-looking statements that may be made from time to time
by or on behalf of the company.
Source: Infosys Ltd
For further information please contact: The Americas: Danielle D'Angelo , Infosys Ltd, US, Phone: +1-5108595783, Danielle_Dangelo@infosys.com; Australia : Cristin Balog, Infosys Ltd, Australia, Phone : +61-3-9860-2277, Cristin_Balog@infosys.com ; Asia Pacific : Sarah Vanita Gideon, Infosys Ltd, India, Phone: +91-80-4156-4998, Sarah_Gideon@infosys.com ; EMEA : Paul De Lara , Infosys Ltd., Phone: +44-207-516-2748, Paul_deLara@infosys.com
NEW DELHI, India, August 9, 2012/PRNewswire-FirstCall/ --
Infosys, a global leader in consulting and technology, today announced that it has
been selected by the Department of Post, Ministry of Communications and Information
Technology, Government of India for a mission critical program that will enhance India
Post's financial services across 150,000 post offices in the country. This is part of the
'India Post 2012' modernization program that aims at bringing transparency, agility,
flexibility and scalability to India Post's operations.
Under the agreement, Infosys and India Post will embark on a transformational
initiative, which encompasses Financial Services System Integration. This project,
estimated at INR 700 crores, aims to transform India Post into a technology-enabled and
autonomous market leader, by revolutionizing its financial operations and end-user
services.
As Financial Services System Integrator, Infosys will implement and manage its
flagship Finacle(TM) Core Banking and McCamish(TM) Insurance products to help India Post
transform its banking and insurance operations - covering more than 200 million banking
customers across urban and rural India; including a large base of insurance customers.
Infosys will be installing 1,000 ATMs for India Post as part of this program to increase
the effectiveness of its delivery channel and will also implement an electronic Content
Management system to manage millions of documents generated as part of India Post's
financial operations.
For the project, Infosys will support India Post in the following areas:
- Complete System Integration including designing, building, supplying,
installing and commissioning hardware and software
- Data migration and deployment of the platforms and solutions across all
identified post offices
- Supporting multi-year managed services, application support and infrastructure
operations
- Training more than 35,000 India Post employees across the country on the usage
and deployment of the new platform and solutions
Speaking about this deal, Mr. A. S. Prasad, Deputy Director General, Financial
Services, India Post, said, "We are confident that Infosys' extensive global experience
with transformational programs in the financial and systems integration space will be
instrumental in rolling out this ambitious program aimed at driving technology superiority
at India Post, by introducing key solutions like core banking. This transformational
program is expected to enhance India Post's services, bringing us on par with the best in
the banking industry; and will help us expand the reach and effectiveness of our
operations through technology enablement of India Post employees."
"Infosys will be drawing upon its expertise and domain knowledge across the banking
and financial sector, to transform India Post's services to empower end-consumers. This
project offers us rich scope to innovate and optimize the largest financial and insurance
distribution channel in the country and we look forward to deploying our strong
capabilities across industries and technologies, in a role that has the potential to
significantly impact millions of citizens in the country," said Mr. CN Raghupathi, VP and
Head India Business, Infosys.
About India Post
For more than 150 years, the Department of Posts (DoP) has been the backbone of the
country's communication and has played a crucial role in the country's socio-economic
development. It touches the lives of Indian citizens in many ways: delivering mails,
accepting deposits under Small Savings Schemes, providing life insurance cover under
Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) and providing retail
services like bill collection, sale of forms, etc. The DoP also acts as an agent for
Government of India in discharging other services for citizens such as Mahatma Gandhi
National Rural Employment Guarantee Scheme (MGNREGS) wage disbursement and old age pension
payments. With 1, 55,015 Post Offices, the DoP has the most widely distributed postal
network in the world.
About Infosys
Many of the world's most successful organizations rely on the 151,000 people of
Infosys to deliver measurable business value. Infosys provides business consulting,
technology, engineering and outsourcing services to help clients in over 30 countries
build tomorrow's enterprise. For more information about Infosys (NASDAQ: INFY), visit
http://www.infosys.com
Safe Harbor
Certain statements in this release concerning our future growth prospects are
forward-looking statements, which involve a number of risks and uncertainties that could
cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to,
risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign
exchange rates, our ability to manage growth, intense competition in IT services including
those factors which may affect our cost advantage, wage increases in India, our ability to
attract and retain highly skilled professionals, time and cost overruns on fixed-price,
fixed-time frame contracts, client concentration, restrictions on immigration, industry
segment concentration, our ability to manage our international operations, reduced demand
for technology in our key focus areas, disruptions in telecommunication networks or system
failures, our ability to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the companies in which
Infosys has made strategic investments, withdrawal or expiration of governmental fiscal
incentives, political instability and regional conflicts, legal restrictions on raising
capital or acquiring companies outside India, and unauthorized use of our intellectual
property and general economic conditions affecting our industry. Additional risks that
could affect our future operating results are more fully described in our United States
Securities and Exchange Commission filings including our Annual Report on Form 20-F for
the fiscal year ended March 31, 2012 and on Form 6-K for the quarters ended September 30,
2011, December 31, 2011 and June 30, 2012.These filings are available at
http://www.sec.gov. Infosys may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the company's filings with
the Securities and Exchange Commission and our reports to shareholders. The company does
not undertake to update any forward-looking statements that may be made from time to time
by or on behalf of the company.
Source: Infosys Ltd
For further information please contact: The Americas: Danielle D'Angelo , Infosys Ltd, US, Phone: +1-5108595783, Danielle_Dangelo@infosys.com; Australia : Cristin Balog, Infosys Ltd, Australia, Phone : +61-3-9860-2277, Cristin_Balog@infosys.com ; Asia Pacific : Sarah Vanita Gideon, Infosys Ltd, India, Phone: +91-80-4156-4998, Sarah_Gideon@infosys.com ; EMEA : Paul De Lara , Infosys Ltd., Phone: +44-207-516-2748, Paul_deLara@infosys.com