Infosys wins five-year contract with Commerzbank

The Dollar Business Bureau

The leading Indian software service provider Infosys, on Monday, announced that it bagged a five-year contract to remodel the IT architecture of Germany’s second largest bank, the Commerzbank.

The financial details of the agreement are yet to be revealed.

As per the agreement, Infosys will redesign the investment banking IT structure, assess a possible post-trade processing utility and boost the IT processes of the German bank. The redesigning of the existing IT architecture of the bank will enable the bank to have a closer association with its investment customers. The focus of the utility will be to cluster the trade processing platforms across the product types, said Infosys.

Both the partners will work towards a domain-based ‘Center of Competence,’ in line with functions of Commerzbank within the corporate and market segment of Infosys.

With branches dotted across 50 countries, Commerzbank finances over 30% of Germany’s foreign trade.

In a bid to provide consistent learning opportunity and enable cross-skilling, Infosys is planning to set up online and physical academy for the bank.

Currently, Infosys is working towards development of IT at the bank and even focusing on digitization of process, said Stephen Muller, CIO, Commerzbank AG.

The back office and middle office utilities are the future of financial service sector, says Mohit Joshi, President and Global head for Financial Services of Infosys.

In a steadily regulated market, Commerzbank is looking forward for new business models to compete better, said Joshi.

In 2015, the bank, which caters its services to over 16 million private customers, generated revenue worth 9.8 billion euros.