US bank cancels Infy's Finacle contract

BANGALORE, INDIA: Indian IT giant Infosys has lost a major client in the US, as the Union Bank of California has cancelled the implementation of Infosys’ Finacle Solutions, said a media report.

According to an NDTV report, this was a multi-million, multi-year dollar deal and Infosys confirmed the cancellation of the deal, which was two years old.

“Infosys and Union Bank have been working together on an integrated banking platform for the last 2 years. While the parties have made good progress, Union Bank's changed business priorities have led the Bank to discontinue the program,” the report quoted Infosys as saying in a statement.

Finacle, the core banking solution from Infosys, contributes nearly 5 per cent to the IT major's overall sales.