Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and QNB, the largest financial institution in the Middle East and Africa, announced the successful implementation of the Finacle Payments Hub on Thursday (20) as part of the bank’s digital transformation strategy.
QNB, which operates across more than 31 countries in Africa, Asia, and Europe, is consolidating its multiple payment engines and has replaced them with the unified, multi-currency and multi-entity enabled enterprise payments hub from Finacle. With this, QNB has gained a real-time payments platform, with proven scalability to meet emergent business needs and agility to respond swiftly to emerging market trends.
The Finacle payments hub has enabled QNB to consolidate local payment systems QIPS, and QATCH in Qatar into a single platform. In subsequent phases, the bank’s foreign operations are also being on-boarded and integrated with the hub.
The ISO 20022 based hub, supports existing SWIFT MT formats and delivers seamless interoperability across various global and local payment networks. It also provides clearing services, comprehensive payment types and supports multiple payment instruments.
With Finacle, QNB is now enabled with real-time processing capabilities, agnostic to originating channels. The bank has also gained enhanced operational and cost efficiencies due to straight through processing of transactions. Efficient workflow management has also enabled flexible payment processing and increased automation.
The Finacle solution has empowered QNB to offer tailor-made, differentiated payment services to its corporate customers with relationship-based pricing, configurable access control and rule-based process flows, across any channel of their choice.
Venkatramana Gosavi, SVP and Global Head of Sales, Infosys Finacle, said, “the payments space is undergoing a massive shift globally, with new industry initiatives, non-traditional competition, and technology developments. Many institutions, with their legacy applications and payment process siloes, are finding it a challenge to effectively sail through these shifts. With the Finacle Payments Hub, QNB has established a strong foundation to navigate through these changes and drive payments innovation and operational excellence.”
The comprehensive open APIs driven solution has enabled QNB to accelerate payments innovation with multiple ecosystem partners, including fintechs.