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.
