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Wipro and Finastra Partner to Accelerate Digital Transformation in Transaction Banking

New York, United States & Bangalore, Karnataka, India:
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, and Finastra, the largest pure-play software vendor that serves the entire financial services industry, today announced a partnership to help corporate banks across Asia-Pacific accelerate their digital transformation. The companies will create a unique offering that combines Wipro’s comprehensive services catalogue with Finastra’s front-to-back trade finance and cash-management solutions.

A recent Finastra study showed that corporate banking clients have shifted their focus towards real-time execution capabilities, access to online platforms, and value-add services. In response, banks are moving away from the traditional relationship management model to become digital platform players that can meet client needs in a faster, flexible and more agile way. The partnership will help banks make this transition quickly through access to Wipro’s service portfolio, from consulting and digital to infrastructure and operations, and Finastra’s leading solutions – Fusion Trade Innovation and Fusion Cash Management.

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.”

Harpreet Arora, Vice President, BFSI Domain & Consulting Head, Wipro Limited 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.”

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