Nuclei works with 18 banks globally, and the collaboration with Infosys Finacle aims to increase engagement and retention of customers on the banks’ digital ecosystems by adding a merchant marketplace to their platforms.
Nuclei’s digital marketplace currently has more than 15 categories across multiple services. According to the company, its platform allows banks to earn subscription fees and revenue from merchants via a modular solution that ensures faster go-to-market for offerings, and 10 times more feature updates than the industry average.
Official representatives from Infosys Finacle have stated in the company press release that the addition of Nuclei’s digital platform to the Finacle FinTech Connect program aims to improve banks’ engagement with their customers through an extended set of lifestyle and business-related services.
Apart from this partnership with Nuclei, Infosys Finacle has been keeping itself busy over the last few years. For instance, in August 2021, the company’s Digital Banking Solution Suite caught the eye of the Union Bank of the Philippines (UnionBank). By leveraging a common technology stack, UnionBank was able to standardise business processes, simplify enterprise architecture, and offer tailored services.
In February 2022, Infosys Finacle joined the Union Bank of India to offer banking services on WhatsApp to the bank’s customers. The bank stated that, with Finacle, it was able to transform its branch banking experience by optimising branch and teller performance, minimising queues, enabling relationship manager mobility, and improving operational efficiencies.
In August 2022, Infosys Finacle has been inducted into International Financial Services Centres Authority’s (IFSCA) Regulatory Sandbox framework to pilot its blockchain-based trade finance solution. As part of the deal, Infosys Finacle will work with six banks in the first phase of the regulatory sandbox, namely Federal Bank, HDFC Bank, HSBC, ICICI Bank, RBL Bank, and State Bank of India.
The collaboration will mainly focus on testing the blockchain-based Buyers Credit solution, for short-term credit in foreign currency for import payments and trade finance transactions.
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