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Wipro and Finastra Partner to Accelerate Digital Transformation in Transaction Banking

IBEF:  June 03, 2021

Wipro Limited collaborated with Finastra, (a pure-play software vendor in financial services industry) to offer corporate banks digital transformation services across Asia-Pacific region. Both the firms plan to design solutions that integrates Wipro's broad services catalogue with Finastra's cash-management and trade finance solutions.

According to a survey conducted by Finastra, corporate banking customers are emphasising more on real-time execution capabilities, value-add services and online platforms access. Banks are focusing on digital transformation to meet client requirements in efficient ways by making services faster, more agile and flexible. The collaboration would enable banks rapidly transit through Wipro's service portfolio access from operation and infrastructure to digital and consulting and Finastra's Fusion Cash Management and Fusion Trade Innovation.

Mr. Luc Hovhannessian, Managing Director for Asia Pacific at Finastra said, "Wipro's strong portfolio of services and profound understanding in implementing Finastra's solutions complement our offerings. It is critical for financial institutions to transform digitally to meet the emerging needs of the clients globally. The alliance is the addition to our partnership with Encore Theme Technologies (now part of Wipro), helping us to design an offering to help banks speed up their digital transformation and expanding innovation in the industry."

Vice President, BFSI Domain & Consulting Head, Wipro Limited, Mr. Harpreet Arora, said, "The alliance is a part of our strategy to strengthen our existence in Asia-Pacific market and push digital transformation. This collaboration is a next step to further strengthen our partnership with Wipro, in addition to acquisition of Encore Theme Technologies."

In BSE, WIPRO LTD.’s share was trading last at Rs. 543.05 (US$ 7.45).

The stock reached an intraday high of Rs. 544.95 (US$ 7.48) and intraday low of Rs. 533.05 (US$ 7.32). Net turnover on the day stood at Rs. 95,474,823 (US$ 1,310,379.25).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.