Tech Mahindra Ltd. has partnered with Finastra, a provider of financial software applications and marketplaces, to help corporate banks accelerate their digital transformation journeys. Tech Mahindra will become Finastra's global implementation partner for its cash management platform and the preferred partner for its trade innovation and corporate channels solutions.
The two companies will offer corporate banking customers integrated end-to-end offerings, including digital advisory, system integration, integrated infrastructure and cloud services. The partnership will aim to deliver modern platforms that enable corporate and institutional banks to innovate, streamline and digitalise their business operations in a bid to enhance customer satisfaction.
“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,” said Mohit Joshi, chief executive officer and managing director, Tech Mahindra.
The partnership is announced at a time when corporate and institutional banks face growing challenges, such as rising regulatory complexity, growing operational costs, Society for Worldwide Interbank Financial Telecommunications standards and payment-related changes, error-prone manual processes and a lack of digitalisation.
The partnership will seek to accelerate time to value for customers through faster implementations and upgrades. It will combine Finastra's solutions with Tech Mahindra's knowledge in banking product implementation, digitalisation, infrastructure and operations.
“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,” said Simon Paris, chief executive officer of Finastra.
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