Indian IT company Infosys said that Infosys Finacle has helped Mongolian banking and financial services company XacBank complete its digital transformation journey.

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

XacBank has completed the transformation of its technology landscape with Finacle digital banking solution suite, said Infosys.

Through digital transformation, XacBank is expected to have a strong digital foundation to achieve its growth strategy with the Finacle suite supporting both the retail and corporate banking operations.

Infosys Finacle chief operating officer Sajit Vijaykumar said: ” By deploying Finacle’s comprehensive suite of solutions, we are confident that the bank will be able to significantly improve its operational efficiency, enhance customer engagement, and drive innovation.

“Our collaboration will enable the bank to offer contextual and tailored solutions to its retail and business customers, accelerating the bank’s growth and economic development of the country.”

The Mongolian bank has deployed various modular solutions from Infosys Finacle covering areas including deposits, payments, trade, loans, CRM, finance, limits, and collaterals.

These solutions will provide XacBank with extensive functionality and flexible product factories to rapidly deploy global innovations through simple configurations.

Infosys said that Finacle suite also offers an extensive range of open application programming interfaces (APIs), providing a robust solid foundation for easy integration and collaborative innovation within the larger ecosystem.

Straight-through processing enabled by Finacle is expected to automate workflows across applications easily, said the Indian IT firm.

Besides, XacBank has deployed the Finacle treasury solution, an integrated platform with extensive capabilities in risk management, trading, and security operations.

XacBank CEO Tsevegjav Gumenjav said: “In this digital-first era, the Finacle platform provides us with the right platform to offer custom offerings for our customers in Mongolia across segments, serving their financial needs in a secure manner.

“We look forward to scaling new heights with world-class banking and contribute to the larger economic development of Mongolia.”