Philippines-based Producers Savings Bank Corporation is set to upgrade its core banking system, transitioning to the latest version of the Finacle Core Banking Solution from Infosys Finacle, part of EdgeVerve Systems.
Besides, the bank will deploy the Finacle Origination Solution, a digital platform for managing loan applications and processes.
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It aims to streamline its lending operations, particularly targeting small and medium enterprises (SMEs) and individual borrowers, including teachers.
The new system is expected to automate parts of the loan process and reduce turnaround times for approvals.
Infosys Finacle CEO Sajit Vijayakumar said: “Given our decade-long association with Producers Bank, we are delighted to provide a modern foundation for its next phase of transformation and expansion. With Finacle’s latest digital banking solutions, Producers Bank is well placed to capitalise on market opportunities, accelerate growth, and reinforce its position as a leading thrift bank.”
The overhaul will introduce a suite of application programming interfaces (APIs), which will allow Producers Bank to connect with fintech firms.
This integration is intended to support quicker development and launch of services, especially for communities that have limited access to financial products.
Producers Bank currently provides deposit, lending, and investment services to individuals, MSMEs, farmers, and underserved groups across the Philippines.
Producers Bank CEO and vice-chairman Andres M. Cornejo said: “As we celebrate 30 years as an institution, this modernisation initiative will further strengthen our digital capabilities, enabling us to provide real-time banking services for our growing client base and scale our lending business with greater confidence.
“We deeply value Finacle’s collaboration, rich functionality, swift deployment, and proven reliability, and we are excited about the new possibilities this transformation will unlock.”
In October last year, UK-based Metro Bank partnered with Infosys and AI-powered platform Workday to modernise its finance operations.
Under the collaboration, Metro Bank will move to a cloud-based platform using a suite of Workday financial management tools.
