Finastra and Tech Mahindra sign strategic partnership to accelerate digital transformation for corporate banks
Pune – August 1st, 2024: Tech Mahindra, (NSE: TECHM), a leading global provider of technology consulting and digital solutions to enterprises across industries, has announced a strategic partnership with Finastra, a global provider of financial software applications and marketplaces, to help corporate banks accelerate their digital transformation journeys. Through the partnership, Tech Mahindra will become Finastra's exclusive global implementation partner for its Cash Management platform and the preferred partner for its Trade Innovation and Corporate Channels solutions in the USA, Canada, and Europe.
Together, Finastra and Tech Mahindra will offer corporate banking customers integrated end-to-end cross-functional offerings spanning digital advisory, system integration, integrated infrastructure, and cloud services. The partnership will deliver modern platforms that enable corporate and institutional banks to innovate, streamline and digitalize their business operations to provide enhanced customer satisfaction.
Mohit Joshi, Chief Executive Officer & Managing Director, Tech Mahindra, 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 digitize to improve their profit margins.” The partnership is announced at a crucial time when corporate and institutional banks face growing challenges, such as rising regulatory complexity, growing operational costs, global Society for Worldwide Interbank Financial Telecommunications (SWIFT) standards and payment-related changes, error-prone manual processes, and a lack of digitalization.
The partnership will accelerate time to value for customers through faster implementations and upgrades. It will combine Finastra’s cutting-edge solutions with Tech Mahindra’s global presence and deep knowledge in banking product implementation, digitalization, infrastructure, and operations.
Simon Paris, CEO, Finastra, said, “This is an important partnership that aligns closely with our commitment to helping our customers navigate today’s challenges and embrace much needed digitalization. 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.”
Tech Mahindra has supported banks serving both commercial and private customers with core transaction processing, automation, and digital transformation for over 23 years. The business has successfully delivered over 500 programs across more than 300+ banks across five continents, including complex, multi-year bespoke transformation programs with Fortune 500 banks.
For more information, please contact:
Abhilasha Gupta
Head – Global Corporate Communications & Public Affairs, Tech Mahindra
E: Abhilasha.Gupta@TechMahindra.com ; media.relations@techmahindra.com
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks. For more information, visit finastra.com.
About Tech Mahindra
Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions to global enterprises across industries, enabling transformative scale at unparalleled speed. With 147,000+ professionals across 90+ countries helping 1100+ clients, TechM provides a full spectrum of services including consulting, information technology, enterprise applications, business process services, engineering services, network services, customer experience & design, AI & analytics, and cloud & infrastructure services. It is the first Indian company in the world to have been awarded the Sustainable Markets Initiative’s Terra Carta Seal, in recognition of actively leading the charge to create a climate and nature-positive future. Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies. For more information on how TechM can partner with you to meet your scale at speed imperatives, please visit https://www.techmahindra.com/