Sicredi's adoption of Flexcube, a core-banking solution, signals a move towards open-systems based core-banking architecture, the company informed the Bombay Stock Exchange.
In addition, Sicredi will implement the company's other product, Reveleus' risk, enterprise performance and customer profitability analytics, to tightly integrate and access an enterprise-wide view across 126 credit unions and 855 agencies and a vast ATM network.
The analytical applications will provide critical risk analysis of Sicredi's growing retail and corporate lending portfolio and a better understanding of customer and product profitability, it said.
"This new technology adoption clearly demonstrates Sicredi's visionary position. We are eager to work closely with Sicredi, to help them realise the full benefits of Flexcube and Reveleus and strengthen their competitive position in Brazil's financial marketplace," said A Srinivasan, vice-president sales, Latam region.
