Regional Investment Corporation (RIC), an Australian government concessional finance provider for farmers, has subscribed to Infosys Finacle’s software as a service (SaaS) offering on Amazon Web Services (AWS) for the former’s lending operations.

Through the engagement, RIC has deployed the Finacle digital lending solution suite in a SaaS mode running on AWS.

According to Infosys, the transformation project that included the implementation of the Finacle online banking and Finacle alerts solution was completed in nine months.

Infosys Finacle, which provides digital banking solutions, is part of EdgeVerve Systems, a fully-owned subsidiary of Infosys.

Infosys Finacle chief business officer Sajit Vijayakumar said: “We are delighted to support RIC in their mission to financially empower the farm businesses in Australia through the Infosys Finacle SaaS platform.

“This collaboration is yet another testament to Finacle’s commitment to the Australian market, to support financial institutions of all kinds and sizes – banks, credit unions, mutuals and non-banking lenders – on their digital transformation journeys.”

The transformation enables RIC to offer digital financial lending services to its customers in the Australian agricultural sector at much-reduced operating costs and higher self-service capabilities.

Besides, the modernisation helps RIC to internalise the management of key services which were previously offered by a third party.

The new platform’s extensive application programming interface (API) capabilities have allowed RIC to integrate with various service providers across banking, customer relationship management (CRM), data lake, and document management providers.

Furthermore, the Finacle online banking platform empowers RIC to deliver self-service features to customers, reducing dependencies on customer care support.

Regional Investment Corporation transformation executive director Chris Rawlins said: “With the Infosys Finacle Lending solution, we have a proven technology platform to support the evolving demands of our business and customers, with the agility to roll out new products and regulations as mandated by the Federal Government. “The nine-month implementation by the Infosys Finacle team was delivered on schedule and we are impressed by the team’s commitment to facilitate RIC in achieving a smooth transition without any disruptions to our customers.”