Tech Mahindra and Finastra forge strategic alliance to transform corporate banking

Tech Mahindra, a renowned global leader in technology consulting and digital solutions, has entered into a significant strategic partnership with Finastra, a global giant in financial software applications and marketplaces. This landmark collaboration designates Tech Mahindra as Finastra’s exclusive global implementation partner for its Cash Management platform and the preferred partner for its Trade Innovation and Corporate Channels solutions across key regions including the USA, Canada, and Europe.

Elevating corporate banking through advanced digital transformation

The partnership between Tech Mahindra and Finastra promises to revolutionise corporate banking by offering an integrated suite of digital solutions. Through this alliance, the two companies will deliver comprehensive banking solutions encompassing digital advisory, system integration, and cloud services. Their combined expertise will enable corporate and institutional banks to embrace digital transformation, streamline operations, and enhance customer satisfaction with modern platforms designed for efficiency and innovation.

Mohit Joshi, Chief Executive Officer and Managing Director at Tech Mahindra, emphasised the transformative potential of this partnership. He noted that by merging their strengths in digital transformation and financial software, Tech Mahindra and Finastra aim to redefine corporate banking practices and improve profitability for their clients.

Addressing challenges in banking with cutting-edge solutions

The collaboration is particularly timely, as corporate and institutional banks face escalating challenges such as increasing regulatory complexities, rising operational costs, and evolving SWIFT standards. This partnership is set to address these challenges head-on by delivering faster implementations and upgrades. By integrating Finastra’s cutting-edge financial software with Tech Mahindra’s deep industry knowledge and global reach, the partnership aims to accelerate digital transformation within the banking sector.

Simon Paris, Chief Executive Officer of Finastra, highlighted the alignment of this partnership with Finastra’s commitment to aiding customers in navigating today’s complex financial environment. Paris underscored that Tech Mahindra’s broad portfolio of services and extensive experience in banking solutions will complement Finastra’s advanced software, enhancing their collective ability to drive digital transformation across banks worldwide.

A history of success in digital transformation

Tech Mahindra’s extensive experience in the financial sector further bolsters this partnership. With over 23 years of providing core transaction processing, automation, and digital transformation services, Tech Mahindra has a proven track record. The company has successfully delivered over 500 programmes for more than 300 banks globally, including complex multi-year transformation projects. This deep expertise in banking solutions positions Tech Mahindra to effectively leverage this partnership with Finastra to drive continued innovation and success in corporate banking.

What does the partnership between Tech Mahindra and Finastra entail?

This alliance focuses on enhancing corporate banking through Tech Mahindra’s implementation of Finastra’s platforms, including cash management and trade innovation solutions.

How will the partnership between Tech Mahindra and Finastra benefit banks?

By integrating Finastra’s software with Tech Mahindra’s expertise, banks are expected to achieve streamlined operations, enhanced customer satisfaction, and embrace comprehensive digital transformation.

What challenges does the Tech Mahindra and Finastra partnership aim to address?

The collaboration seeks to tackle issues like regulatory complexities, rising operational costs, and the need for rapid implementation and upgrades in banking systems.