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.”
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.
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.