Accenture has acquired a digital twin technology platform developed by Singapore-based fintech firm Percipient to bolster its banking modernisation capabilities in the Asia-Pacific region.
The terms of the transaction were not revealed.
Through the acquisition, Accenture aims to help financial services clients accelerate core system transformation, foster innovation, and drive growth without disrupting existing operations.
Percipient’s platform creates a virtual replica, or digital twin, of banks’ legacy and modern systems, enabling seamless integration and real-time unification of data. This technology simplifies core system modernisation, allowing financial institutions to develop new products and services more efficiently.
Percipient founder and CEO Navin Suri said: “We have a shared vision to reinvent how digital transformation is achieved at financial institutions.
“By combining Percipient’s platform with Accenture’s core banking and technology capabilities, we can enable banks to more seamlessly transform their legacy systems and gain agility and speed, while lowering the risk associated with such modernisation efforts.”
Accenture’s integration of Percipient’s technology enhances its ability to help banks transition from legacy systems to cloud-based, artificial intelligence (AI)-powered digital cores.
According to Accenture research, such modernisation can result in up to 60% higher revenue growth and a 40% increase in profitability for banks.
Accenture financial services Asia Pacific lead Masashi Nakano said: “Percipient’s unique capabilities strengthen our existing core modernisation offerings, enabling banks to efficiently unlock new opportunities for growth, launch new products faster, and deepen customer engagement through cloud, data, and AI.”
Founded in 2015, Percipient specialises in digital transformation of financial services. Its flagship product, TWINN, is claimed to be the world’s first digital twin for financial services.
The technology is designed to enable banks and insurers to overcome challenges posed by outdated systems.
TWINN creates an enhanced, application programming interface (API)-ready representation of enterprise data and processes, allowing organisations to adopt new-age solutions.
In 2020, Percipient secured $5m in Series A funding round led by Silicon Valley-based venture capital firm Stat Zero.
