The Finacle solution empowers consumers to consolidate payment instruments such as accounts, cash or cards, on a single digital wallet, made accessible anytime, anywhere on their preferred digital channel

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This new alternate channel will offer value-added financial services to consumers in Africa, while also reducing cost of operations for the bank, Infosys claimed in a press release.

Finacle digital commerce solution helps unlock new revenue streams for financial institutions, telecom service providers and retailers by enabling instant cashless payments and commerce between merchants and consumers.

The solution empowers consumers to consolidate payment instruments such as accounts, cash or cards, on a single digital wallet, made accessible anytime, anywhere on their preferred digital channel. Standard Bank, leveraging Finacle, will onboard and manage agents, using the mobile or Internet channels, to service remote customers. The solution will enable agents to offer a host of services ranging from customer on-boarding, cash deposits, cash withdrawal and banking transactions, to service requests.

“Mobility is a critical component of our business growth in Africa. We see the rapid proliferation and take up of mobile and mobility services, and in some areas Africa is leading the way for the rest of the world,” said Terry Moodley, chief executive, Personal and Business Banking Africa at Standard Bank.

 “In this dynamic business and technology environment we need to be agile in responding to continually evolving customer needs but also have the flexibility to innovate and differentiate ourselves in the market place. Finacle digital commerce solution from Infosys provides us with the technology platform to deliver on our mobility strategy thereby positively impacting the communities in which we operate and keeping our customers moving forward,” he concluded.