Infosys bags Mongolian XacBank’s contact to provide digital solutions

Mongolia-based XacBank has allotted a contract to Infosys’ wholly-owned subsidiary EdgeVerve Systems. It will use Infosys Finacle’s core banking, treasury, and corporate banking solution to drive digital transformation.

Financial details of the deal were not disclosed.


Infosys reported, “The Finacle solution suite will enable the bank to drive all-round business transformation to improve customer engagement, operational excellence, and the flexibility to launch tailored offerings on-demand, for continuous innovation and growth.”

XacBank is expected to set up an open platform to establish a strong digital presence and evolve its offerings in sync with market dynamics with the help of Finacle digital core banking suite.

The broad suite of enterprise products comprises of deposits, loans, limits and collaterals, payments, trade finance etc will enable XacBank to standardize business processes and simplify enterprise architecture to offer tailored services, Infosys said.

Finacle Treasury Solution is a unified platform capable of enabling trading, risk management, and processing across multiple cross-asset classes.

Tsevegjav Gumenjav, chief executive officer, XacBank stated “To power our leadership position into the future, in an increasingly competitive environment, we felt the need for a modern platform. Given its growing deployment base in Mongolia, Finacle is a proven solution for our needs.”

Finacle solution suite is aimed at helping the bank accelerate its digitalization and automation journey across the enterprise, resulting in improved customer experience and lower costs of operation.

XacBank provides integrated banking and financial solutions to consumers and enterprises (MSMEs) throughout its 80 branches serving approximately 800,000 customers.