India Post Selects Infosys to Transform its Financial Services
NEW DELHI, India, Aug. 9, 2012
- 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™ Core
Banking and McCamish™ 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.
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