Infosys and Commerzbank Will Establish a Domain-based Center of Competence
FRANKFURT, Germany, May 23, 2016 /CNW/ - Infosys (NYSE: INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has won a five-year contract with Commerzbank, the second largest bank in Germany. As part of this agreement, Infosys will remodel the bank's investment banking IT architecture, optimize IT processes, and evaluate a potential Post-Trade Processing Utility. The Utility would then focus on the clustering of trade processing platforms across various product types.
The remodeling of its existing IT architecture provides an even closer alignment with the needs of its investment banking customers.
- Both partners will collaboratively establish a domain-based Center of Competence aligned to Commerzbank's business functions within its Corporates and Markets segment
- Reflecting the Design Thinking ethos, Infosys and Commerzbank will work towards creating a culture of continuous learning and education. Infosys will set-up an exclusive online and physical academy for Commerzbank to enable cross-skilling and continuous learning of both teams
- Infosys will also help contribute to further streamline the investment bank's IT architecture and consolidate existing systems and applications to service clients better
Stephan Müller, Group CIO, Commerzbank AG
"We are continuously developing the IT at Commerzbank, also on a strategic level, focusing on digitalization of our processes. The collaboration with technology experts is essential for us to stay ahead of the curve in our markets."
Mohit Joshi, President and Global Head for Financial Services, Infosys
"Financial institutions need every advantage in this hyper-competitive industry, and this partnership will be providing just that. Middle and back office utilities are the future of the financial services industry and this will be one of the first-of-its-kind. Commerzbank is benefitting from the renewal and simplification of its current IT landscape, developing new and radical technologies, and is pursuing new business models to compete better in an increasingly regulated market."
To learn more about how Infosys works with leading financial services organizations, please visit: http://www.infosys.com/industries/financial-services/.
Commerzbank is a leading international commercial bank with branches and offices in more than 50 countries. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets, and Central & Eastern Europe, its private customers and corporate clients, as well as institutional investors, profit from a comprehensive portfolio of banking and capital market services. Commerzbank finances more than 30 per cent of Germany's foreign trade and is the unchallenged leader in financing for SMEs. With its subsidiaries Comdirect and Poland's M Bank it owns two of the world's most innovative online banks. With 1,050 branches and more than 90 advisory centres for business customers, Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts more than 16 million private customers, as well as 1 million business and corporate clients. The Bank, which was founded in 1870, is represented at all the world's major stock exchanges. In 2015, it generated gross revenues of EUR 9.8 billion with 51,300 employees. As of December 31, 2015, its total assets amounted to EUR 533 billion.
About Infosys Ltd:
Infosys is a global leader in consulting, technology, outsourcing and next-generation services. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit http://www.infosys.com to see how Infosys (NYSE: INFY), with US$ 9.2 billion in LTM revenues and 193,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.
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