Wipro and Finastra will provide modern API-enabled platforms for banks to innovate, streamline and digitise core trade finance processes while reducing cost overheads
IT major Wipro Limited and the world’s leading fintech company Finastra on Tuesday announced a partnership in India to help accelerate the digital transformation of corporate banks by deploying Finastra’s leading solutions.
“This partnership combines Wipro’s expertise across consulting, digital, infrastructure and operations with Finastra’s cutting-edge solutions to deliver modern API-enabled platforms for banks to innovate, streamline and digitise core trade finance processes, while reducing cost overheads,” according to a joint statements by Wipro and Finastra.
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It added that this multi-year partnership makes Wipro the exclusive implementation and go-to-market partner for all banks in India for Finastra’s Fusion Trade Innovation and Fusion Corporate Channels. Wipro is also one of Finastra’s preferred global partners for its Cash and Liquidity Management solutions.
Satya Easwaran, country head (India) of Wipro, said, “Corporate banks in India are increasingly looking at moving from the traditional manual and offline model to real-time execution, online platforms, and value-added services. With our exclusive partnership with Finastra, we can help our banking clients transform into truly digital platform players in trade and supply chain finance, with the ability to anticipate end-customer needs and respond in a much more agile and flexible manner. We are excited to bring together Wipro’s deep domain expertise in banking with Finastra’s leading product suite.”
Manish Joshi, managing director (lending) for APMEA, Finastra, said, “Wipro’s diverse service portfolio and deep experience working with clients in India makes them an ideal partner for Finastra.”
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Joshi added that India is a key growth market for Finastra and working together with Wipro will enable the company to rapidly extend its reach in the country, enabling its solutions to help even more organisations realize the benefits of digital transformation.
Edward Sweigart, vice-president (global partner ecosystem) of Finastra, said, “Wipro has long been a key global partner for Finastra, with significant and broad experience built in that time. Banks and financial institutions will now be able to leverage the combination of this experience and Finastra’s leading solutions, which will help them to transform, grow, and better serve their customers.”
Harpreet Arora, global BFSI domain and solutions head of Wipro, said the strengthening and expansion of the partnership with Finastra are fundamental to driving the digital transformation agenda for corporate banks and financial services companies in India.
“Wipro’s acquisition of Encore Theme Technologies, a specialist in implementing Finastra’s trade finance solutions, continues to augment our deep and differentiated capabilities, and this partnership will solidify our presence across Asia-Pacific further,” Arora said.
