Under the agreement, Infosys will provide the e-commerce platform to the Federal Bank for its net-based business initiatives. Federal Bank will make the net-based products and services available to its customer by April this year.

Federal Bank is the first among the old generation private sector banks to jump into the e-commerce bandwagon with the backing of a strategic partner like Infosys. Announcing the new initiatives at Bangalore, Federal bank chairman KP Padmakumar said: "We are committed to providing to customers world class products leveraging on the best of technology. Our e-initiative is another step in this direction".

He said Federal Bank will use BankAway, the e-com platform developed bythe Infosys Technologies, for its net-based initiatives. BankAway is a powerful e-commerce platform which enables banks to provide integrated financial services in both their retail and corporate customers; providing one-click access to their bank accounts, trade finance, cash management, bill payment, investment and on-line shopping among other things. The powerful toolkit of the software helps to customise the product to the bank's requirement.

Infosys chairman NR Narayanamoorthy, said: "BankAway from Infosys empowers banks to harness the tremendous potential of the internet and Internet technology to satisfy the needs of their customers. I am extremely happy that we could associate with Federal Bank, forerunners in technology absorption among the traditional private sector banks".

Bank's net up 50%

The Federal Bank Ltd has clocked a 50 per cent jump in its net profit to Rs 15.05 crore during the third quarter of the current financial year ending December 31, 1999, up from Rs 10.02 croreduring the same period last year, according to bank sources. The gross profit of the bank zoomed by 205 per cent to Rs 75.76 crore as against Rs 24.83 crore for the same period previous year.