After striking good deals in the domestic market, Nasdaq listed software major Infosys is now firming up plans to tap the Eastern European markets for its banking product, Finacle, besides adding new functionalities to it for a proposed entry to the United States market later.
"Although we are looking at the entire Europe for selling the banking product -- Finacle -- our immediate and more focus is on Eastern Europe while Western Europe is also an area of focus," Girish Vaidya, senior vice president, banking business unit, Infosys told PTI in New Delhi.
"At present from the product business side, we are not focussed on the US market. But we are getting the product ready to enter there," he said.
"We have had the product reviewed on the US requirements by a US consultant -- Tower group -- to ensure that Finacle has all the requirements of US banking systems in terms of regulations and banking parametres", he said.
"In the US they have automated clearing houses and for that the product needs to have interfaces so that when the bank starts using the product, it could participate in the clearing house and also from the regulatory point of view, the product should be compliant of the local laws," Vaidya said.
"The banking product business unit has seen excellent growth in the last five years, reflected in the fact that as on March 1999, we recorded a revenue of Rs 13.5 crore (Rs 135 million) which had increased to Rs 167 crore (Rs 1,670 million) by March 2003," he said.
Finacle is deployed in 25 countries in 90 banks, he said, adding: "We have a very strong position in the Indian market which includes a recent deal with Bank of India along with HP."
