QNB revamps payments systems with Infosys Finacle
Qatar National Bank (QNB) has implemented Infosys’ Finacle Payments Hub as part of the bank’s digital transformation strategy.
QNB operates across more than 31 countries in Africa, Asia and Europe, and is consolidating its payment engines with this unified enterprise payments hub – allowing real-time payments and scalability.
Venkatramana Gosavi, SVP and global head of sales, Infosys Finacle, says: “The payments space is undergoing a massive shift globally, with new industry initiatives, non-traditional competition, and technology developments. Many institutions, with their legacy applications and payment process siloes, are finding it a challenge to effectively sail through these shifts.”
Finacle is part of EdgeVerve Systems, a subsidiary of Infosys, and its hub enables the bank to consolidate local payment systems QIPS, and QATCH in Qatar into a single platform.
In subsequent phases, the bank’s foreign operations are also being on-boarded and integrated with the hub.
The hub, based on ISO 20022, supports existing Swift MT formats and delivers interoperability across various global and local payment networks. It also provides clearing services and supports multiple payment instruments.
