CORE BANKING

Finastra and Wipro Join Forces To Enhance Transaction Banking Digital Transformation

Finastra, Wipro | June 03, 2021

Wipro Limited, a leading global information technology, consultancy services, and business process services company, and Finastra, the largest pure-play software vendor representing the entire financial services industry, confirmed today a partnership to assist corporate banks across Asia-Pacific in accelerating their digital transformation. The firms will collaborate to produce a one-of-a-kind offering that blends Wipro's extensive service portfolio with Finastra's front-to-back trade finance and cash management solutions.

According to a recent Finastra study, corporate banking clients are increasingly interested in real-time execution capabilities, access to online platforms, and value-added services. As a result, banks are abandoning the old relationship management paradigm in favour of becoming digital platform players capable of meeting customer needs in a more timely, flexible, and agile manner. The collaboration will assist banks in making this change as rapidly as possible by providing access to Wipro's service portfolio, ranging from consulting and digital to infrastructure and operations, as well as Finastra's premier solutions, Fusion Trade Innovation and Fusion Cash Management.

The Managing Director for Asia Pacific at Finastra, Luc Hovhannessian explains today,  “Wipro's mature service portfolio and substantial experience deploying Finastra's solutions are an ideal complement to our offering, making it a natural collaborator for us in APAC. It has not been more crucial for financial institutions to innovate digitally, but many banks are still playing catch-up in transaction banking.” He also adds, “This strategic partnership is the continuation of years of collaboration with Encore Theme Technologies, now part of Wipro, creating an offering that will help banks accelerate their digital transformation, driving competition and increasing innovation in the industry.”

“This relationship is in keeping with our ongoing efforts to grow our position in Asia-Pacific and accelerate digital transformation,” said Harpreet Arora, Vice President, BFSI Domain & Consulting Head, Wipro Limited. Following the acquisition of Encore Theme Technologies, a specialist in the implementation of Finastra's trade finance solutions, this agreement is a logical next step in extending our mutually beneficial partnership.”

About Wipro
Wipro Limited is a global leader in information technology, consulting, and business process outsourcing. We use cognitive computing, hyper-automation, robots, cloud, analytics, and new technologies to assist our customers adapt to and succeed in the digital era. We have over 190,000 devoted workers servicing clients on six continents and are renowned internationally for our extensive offering of services, strong commitment to sustainability, and good corporate citizenship. We find ideas and connect the dots to create a better and bolder future.

About Finastra
Finastra is developing an open platform to speed cooperation and innovation in financial services, resulting in improved experiences for individuals, businesses, and communities. Finastra supplies this critical technology to financial institutions of all sizes throughout the world, including 90 of the world's top 100 banks, and is supported by the biggest and deepest portfolio of financial services software. Our open architectural approach brings together a diverse group of collaborators and innovators. Together, we are paving the path for financial services apps to be created, deployed, and consumed in order to change in response to changing consumer demands.

Spotlight

Settling on the right type of compensation for financial advisors in a bank investment program can be a balancing act. What are the main elements of compensation that help attract, retain and incentivize top advisors? In this first whitepaper of a series of investment program-related topics, we examine the use of incentives to drive advisory business. We set out to explore how seven specific components of advisor compensation plans affect performance within financial institutions, and what that means for those institutions’ bottom lines. To do this, Raymond James worked with Kehrer Bielan Research & Consulting, a leading source of insight in the financial services industry.


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INVESTMENTS

ZettaScale Technologies spins out from ADLINK and raises strategic investment from TTTech Auto

ADLINK | June 01, 2022

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BITCOIN AND CRYPTO

NCR Completes Acquisition of Cryptocurrency Leader LibertyX

NCR | January 17, 2022

NCR Corporation (NYSE: NCR), a global enterprise technology provider, today announced the completion of the previously announced transaction to acquire LibertyX, a leading cryptocurrency software provider. LibertyX is a strong strategic fit for NCR because it accelerates NCR’s ability to rapidly deliver a complete digital currency solution to its customers, including the ability to buy and sell cryptocurrency, conduct cross-border remittance, and accept digital currency payments across digital and physical channels. The completion of this transaction enhances our ability to provide digital currency solutions and capabilities that help run our customers’ businesses. We are pleased to welcome LibertyX and its outstanding team to NCR.” Don Layden, EVP & President, Payments & Network, NCR Corporation. The LibertyX digital currency solution runs on ATMs, kiosks and point-of-sale (POS) systems today. LibertyX partners with ATM operators, like NCR’s Cardtronics, who owns and manages ATMs and the Allpoint network in the U.S. at locations like convenience stores, pharmacies, and supermarkets. Moving forward, NCR will utilize its Pay360 platform to offer the LibertyX capabilities as part of its solutions for banks, retailers and restaurants. NCR Pay360 provides financial institutions a secure way to enable cash-in and cash-out transactions from their mobile banking app, website, or even customer service centers. On August 2, 2021, NCR and LibertyX announced that they had entered into a definitive agreement under which NCR would acquire LibertyX. The transaction includes LibertyX’s cryptocurrency remittance business, LibertyPay. Financial terms of the transaction were not disclosed. About NCR Corporation NCR Corporation (NYSE: NCR) is a leading enterprise technology provider that runs stores, restaurants and self-directed banking. NCR is headquartered in Atlanta, Ga., with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.

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FINTECH

IBM and EY Build Centre of Excellence to Help FIs Transition to the Cloud

IBM, EY | May 10, 2021

IBM and EY have joined forces to create a centre of excellence dedicated to helping financial institutions accelerate their digital transformations with hybrid cloud solutions. The majority of banking and financial services organisations have yet to deploy core systems to the cloud due because of the huge complexity and concerns over security, risk, governance and control. According to a 2020 IBM survey, while 91% of financial institutions are actively using cloud services today or plan to in the next nine months, on average only nine per cent of their mission-critical regulated banking workloads have shifted to a public cloud environment. The centralised virtual hub aims to change this, housing offerings in areas like regulatory compliance, digital trust, and security to help clients use the cloud at scale. Available on IBM Cloud for Financial Services and built with Red Hat OpenShift, the hybrid cloud solutions leverage IBM technology and EY teams’ experience working with financial institutions. Howard Boville, head, IBM Hybrid Cloud Platform, says: "As part of the Centre for Excellence, we’re helping financial institutions modernize their systems by integrating EY industry and regulatory experience with IBM’s open hybrid cloud and cognitive technologies, to ultimately fuel customer digital transformation."

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PAYMENTS

eFactor Network and PrimeRevenue Expanding Access to Finance for Agribusiness Companies in Latin America

PrimeRevenue | June 28, 2022

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Spotlight

Settling on the right type of compensation for financial advisors in a bank investment program can be a balancing act. What are the main elements of compensation that help attract, retain and incentivize top advisors? In this first whitepaper of a series of investment program-related topics, we examine the use of incentives to drive advisory business. We set out to explore how seven specific components of advisor compensation plans affect performance within financial institutions, and what that means for those institutions’ bottom lines. To do this, Raymond James worked with Kehrer Bielan Research & Consulting, a leading source of insight in the financial services industry.

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