Indian software giant Infosys has confirmed that German banking giant Commerzbank has selected the Bangalore-based firm to help the bank accelerate its digital transformation and roll out an extensive software testing program.
The main aim of the extensive digital deal is to drive system efficiency and cost effectiveness, Infosys wrote in a statement that was shared with QA Financial.
Murex, the Paris-based financial services company that provides financial software, is also part of the project, as it will provide parts of the new digital infrastructure.
The joint project will enable Commerzbank to consolidate FX, FX derivatives, equity, and commodities onto Murex’s integrated MX.3 platform, thereby simplifying its operations, cutting costs, speeding up time to market, and preparing for future challenges, the companies shared in an email sent to QA Financial.
“Within the project, Infosys will support Commerzbank in optimising utilisation of Murex’s comprehensive suite of solutions and services and carried out development, integration, software testing as well as migration, alongside go-live and aftercare support,” explained Dennis Gada, executive vice president, and global head of banking & financial services at Infosys.
“Through this collaboration, Commerzbank’s trading operations will see substantial improvements,” Gada said.
“It also helps in the simplification of their technology landscape, while reducing the cost of managing multiple servers and platforms, ultimately laying the foundation for business growth and scale,” he added.
Gada stressed the digital efforts will help Commerzbank to improve time to market, streamline operations, simplify the current technology landscape, promote standardisation, and effectively manage regulatory changes while cultivating sustainable growth.
“This transformation has paved the way for future modernisation and digitisation of the bank,” he declared.
In addition, Sebastian Kauck, CIO corporate clients at Commerzbank, said in agreement that “the new setup enables Commerzbank to significantly enhance process efficiency and simultaneously reduce costs. Additionally, it lays the foundation for future business growth as adapting to market changes can be done more swiftly.”
Danske Bank
Commerzbank is not the only major bank in Europe to turn to Infosys for its digital transformation.
Last year, Copenhagen-based Danske Bank signed a strategic agreement with Infosys to accelerate digital transformation at the Nordic bank.
As part of that collaboration, Infosys acquired Danske Bank’s IT centre in India, where over 1,400 staff were employed.
Infosys said it will accelerate Danske Bank’s digital agenda by significantly enhancing their IT operations and capabilities, powered by Infosys Topaz, an AI-first set of services and platforms.
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