Bengaluru, June 20 (IANS): Croatia's state-owned Hrvatska Postanska Banka has selected the financial software product Finacle of Indian IT major Infosys Ltd to offer payment service to its customers.

"Our new solution will enable the bank to streamline its payment operations and serve its customers cost-effectively and enhance their experience," the global software major said in a statement here on Saturday.

The Finacle solution will also help the bank to comply with single euro payments area (SEPA) requirements and support Croatia's harmonisation process with the European Union regulations and payment service directive.

"The global payments ecosystem is undergoing a sea change. New and nimble players with innovative business models, enabled by technology, are posing a threat to banks," said Infosys vice-president Michael Reh in the statement.

Increasing regulatory oversight is also forcing banks to modernise payment systems and meet their customer demands.

The Finacle solution will also provide the Zagreb-based bank with an advanced enterprise-payment-services hub to manage payments lifecycle.

The solution's centralised hub capability will enable the bank's real-time visibility and enhanced controls to manage risk across its operations.

"Since we are looking at ways to improve our ability to serve customers better, we continue to invest in technology infrastructure. As Finacle has a proven track record in the industry leading functionality, we are confident it will meet our expectations," HPB chief information officer Mladen Mrvelj added.

The platform's scalability and open architecture will aid easy implementation and support the bank's business growth in the future.