Infosys bags 5-year deal from Germany's Commerzbank
Software services major Infosys on Monday said it has bagged a five-year contract from Commerzbank, the second largest bank in Germany. The financial details of the deal were not disclosed.
As part of the agreement, Infosys will remodel the bank's investment banking IT architecture, optimise IT processes and evaluate a potential Post-Trade Processing Utility, Infosys said in a statement.
The Utility would then focus on the clustering of trade processing platforms across various product types, it added. Both partners will collaboratively establish a domain- based 'Center of Competence', aligned to Commerzbank's business functions within its corporates and markets segment, it said.
Infosys will also set up an exclusive online and physical academy for Commerzbank to enable cross-skilling and continuous learning of both teams, it said.
"We are continuously developing the IT at Commerzbank, also on a strategic level, focusing on digitalization of our processes. The collaboration with technology experts is essential for us to stay ahead of the curve in our markets," Commerzbank AG Group CIO Stephan Muller said.
Mohit Joshi, President and Global Head for Financial Services at Infosys said financial institutions need every advantage in the hyper-competitive industry.
"Middle and back office utilities are the future of the financial services industry and this will be one of the first of its kind," he added. Commerzbank is pursuing new business models to compete better in an increasingly regulated market, he said.
Founded in 1870, Commerzbank has branches and offices in more than 50 countries and has about 51,300 employees. It finances more than 30% of Germany's foreign trade. With 1,050 branches and more than 16 million private customers, Commerzbank generated gross revenues of 9.8 billion euros in 2015.