Union Bank of California has cancelled the multi-million dollar deal for core banking software product Finacle with Indian IT major Infosys.
However, the company did not disclose the contract value. Finacle is one of the major core banking solution in the Indian and the Asian banking domains, contributing nearly 5 per cent to Infosys’ overall sales.
“While the parties have made good progress, Union Bank’s changed business priorities have led the bank to discontinue the program. Union Bank and Infosys have parted on amicable terms, and Union Bank wishes Infosys all the best in the US market,” Infosys said in a statement today.
Infosys and Union Bank of California have been working together on an integrated banking platform for the last two years.
Finacle has presence in 72 countries with over 148 clients and rolled out few new products including mobile banking solution.
Finacle universal banking products are designed to address the core banking, e-banking, Islamic banking, treasury, wealth management and CRM requirements of retail, corporate and universal banks.