HCL Tech’s new banking solution fails to lift stock, down 6%

MUMBAI: Share prices of HCL Technologies were down 6 per cent at Rs 111 Thursday, tracking a weak market.

The company announced a new solution to integrate loan origination tool and strengthen front-to-back loan solutions for wholesale and commercial banks. This was done in alliance with Misys Plc and HCL CapitalStream Lending Group, a division of HCL Technologies.

The company said that despite the instability in financial markets, commercial and wholesale banks are still demanding front-to-back integrated solutions which enable straight through processing of commercial loans to boost efficiency and improve risk management.

Misys and HCL will work together to integrate HCL's CapitalStream solution, a platform for business and commercial loan origination into Misys's market leading commercial lending solution. Both the companies will also grant each other licenses to distribute the other party's product and refer banking customers to each other to ensure optimal service to the wholesale banking sector.