Wipro, Finastra to help corporate banks expedite digital transformation

Wipro has entered into a partnership with UK-based fintech company Finastra to help corporate banks in the Asia-Pacific region expedite their digital transformation.

The partners aim to create a unique offering that combines the services catalog of Wipro with the cash-management solutions and front-to-back trade finance of Finastra.

Harpreet Arora – Vice President, BFSI Domain & Consulting Head, Wipro said: “This partnership is in line with our continued efforts to strengthen our presence in Asia-Pacific and drive digital transformation.

“Having recently acquired Encore Theme Technologies, a specialist in implementing Finastra’s trade finance solutions, this agreement is a logical next step in deepening our mutually beneficial partnership.”

Wipro, Finastra to help corporate banks expedite digital transformation. Photo courtesy of Rameshng/Wikipedia.org.

As per a recent study by Finastra, corporate banking clients have moved their focus towards real-time execution capabilities, value-add services, and access to online platforms. As a result, banks are shifting away from the conventional relationship management model to become digital platform players that can address client requirements in a quicker, flexible, and more agile manner.

The partnership between Wipro and Finastra is expected to help banks make the transition faster via access to the service portfolio of the former, from consulting and digital to infrastructure and operations, and the latter’s Fusion Trade Innovation and Fusion Cash Management solutions.

Luc Hovhannessian – Managing Director for Asia Pacific at Finastra said: “Wipro’s mature portfolio of services and deep experience in implementing Finastra’s solutions are a perfect complement to our offering, making it a natural partner for us in APAC. It has never been more important for financial institutions to innovate digitally, but transaction banking is an area where many banks are playing catch-up.

“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.”