Finastra, a provider of financial software applications and marketplaces, has joined forces with Indian IT firm Tech Mahindra to enable corporate banks to speed up their digital transformation journeys.
As part of the collaboration, Tech Mahindra will serve as Finastra’s exclusive global implementation partner for its cash management platform.
Additionally, the Indian company will be the preferred partner for Finastra’s trade innovation and corporate channels solutions across the US, Canada, and Europe.
Both parties aim to jointly deliver corporate banking customers integrated, end-to-end, cross-functional offerings that encompass digital advisory, integrated infrastructure, cloud services as well as system integration.
Tech Mahindra CEO and managing director Mohit Joshi said: “This partnership brings together two global leaders in digital transformation and financial services applications to help corporate banks scale at speed.
“We believe our joint efforts will redefine the way banks digitise to improve their profit margins.”
The partnership is also expected to deliver modern platforms that facilitate corporate and institutional banks to innovate, streamline and digitalise their business operations to offer better customer satisfaction.
Besides, it will integrate Finastra’s advanced solutions with Tech Mahindra’s expertise in banking product implementation, digitalisation, infrastructure, and operations.
According to the companies, the alliance will expedite time to value for customers through faster implementations and upgrades.
Finastra CEO Simon Paris said: “This is an important partnership that aligns closely with our commitment to helping our customers navigate today’s challenges and embrace much needed digitalisation.
“The broad portfolio of services and deep experience offered by Tech Mahindra are a valuable complement to our modern and open software. With this combination, we look forward to propelling the digital transformation of even more banks and financial institutions around the world.”
Last month, Tech Mahindra partnered with Temenos to enable the former to provide a core banking solution on Temenos SaaS, particularly tailored for electronic money institutions (EMIs) in the UK and Europe.
