Infosys on Monday 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, optimise 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.
Mohit Joshi, president and global head for financial services, Infosys, said, “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.”
According to the release, both partners will collaboratively establish a domain-based Center of Competence aligned to Commerzbank´s business functions within its Corporates and Markets segment. Infosys and Commerzbank will also 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.