Major tech revamp on the agenda

Major tech revamp on the agenda

EXCLUSIVE: Bank of the West, a large regional bank in the US and a subsidiary of BNP Paribas, is embarking on a major tech overhaul with Infosys, it is believed.

Banking Technology understands that the Indian vendor has landed a deal to implement its Finacle suite for digital banking, payments hub and corporate banking.

It is believed other candidates for the deal included a domestic tech heavyweight, FIS, and two international vendors, Backbase and Temenos.

The bank declined to comment.

Bank of the West has its HQ in San Francisco, California and a network of 600+ retail, wealth, commercial and business banking offices in 23 states across the West and Midwest of the US. It has over $80.7 billion in assets and employs 10,500 people.

This is undoubtedly a significant win for Infosys and its Finacle platform in the US. The first taker was Discover Financial Services, which signed for the Finacle core in 2010. Discover went live with Finacle in stages in 2014-2016. The second one is Marcus, a new online lending platform from Goldman Sachs.

In 2014, Eastern Bank, the largest and oldest mutual bank in the US ($10.5 billion in assets), became the country’s first taker of the Finacle e-banking platform (front office). The bank wanted to move away from its legacy outsourced set-up, provided by FIS, to an in-house deployment. Finacle was interfaced to 40+ applications at Eastern Bank, including a hosted core banking system, also provided by FIS.