Mongolia-based universal bank XacBank has selected Infosys as its technology partner to power its digital transformation.

XacBank has selected Infosys Finacle, part of EdgeVerve Systems, an Infosys subsidiary.

The bank will leverage Finacle’s core banking, treasury, and corporate banking solution suites to support its digital transformation.

Through this solution, it will be able to improve customer engagement, operational excellence, and launch tailored products on demand, noted the vendor.

XacBank will be able to offer tailored products including deposits, loans, limits and collaterals, payments, and trade finance, Infosys said.

Moreover, the Finacle Treasury solution will provide XacBank with a centralised platform to enable trading, risk management and processing.

Infosys Finacle will help the bank bolster its digitisation and automation journey, ultimately improving customer experience and cutting operational costs, according to Infosys.

Infosys Finacle SVP and global head of Sales Venkatramana Gosavi said: “XacBank has shown an admirable preference for being ahead of the curve in technology adoption and ensuring a world class banking experience for its customers.

“With Finacle, XacBank will benefit from comprehensive, contemporary capabilities to power current and emerging requirements and keep pace with a dynamic business environment.”

XacBank CEO Tsevegjav Gumenjav said: “To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform. Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs.

“With Finacle’s new age digital core banking platform, I believe we are well placed to meet the present and future demands of our customers with ease, while contributing to the economic development of Mongolia.”

XacBank CIO Narayan Samant added: “We chose Infosys Finacle due to its proven credentials and track record of easily adapting to the dynamic banking landscape in Mongolia.”