JACKSONVILLE, Fla.,
April 16, 2021 /PRNewswire/ --
Finxact, the leader in Core as a Service banking, announced
today that Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO),
a leading global information technology, consulting and business
process services company, will join the select group of
Professional Services firms that are delivering its next-gen core
to the US regional and super-regional banking sector.
Wipro has established a Finxact center of excellence within its
banking practice with a specific focus on helping clients that have
identified modernizing their legacy core systems as the lynchpin of
their long-term digital transformation initiatives. Many of these
clients are mid-cap, US-based financial institutions that have
relied extensively on Wipro over the year for outsourced
maintenance and customization of their systems. Wipro will leverage
its expertise to guide the transformation journey and help clients
bridge legacy systems like Hogan towards the cloud
era.
Since its inception, Finxact's go-to-market strategy
contemplated a few strategic partnerships with elite professional
service firms that would commit the time and intellectual capital
required to become experts in the execution of Finxact core
transformation for large US financial institutions. For over a
year, Wipro has worked alongside Finxact to build the product
knowledge that would support its independent practice area. The
extensive knowledge transfer to these embedded project teams has
positioned Wipro as a very capable guide on a core conversion
journey to Finxact.
"Having led numerous digital transformation projects over the
last several decades, we see growing opportunities with the
emerging Digital Banking ecosystem, as compared to legacy core
systems. We are delighted to partner with Finxact that offers cloud
native and API-based core banking to help bring our digital-first
approach to our clients," said Harpreet
Arora, Vice President & Global FS Consulting Head, Wipro
Limited.
Finxact is a high-performance, highly-scalable, real-time
position keeping platform that includes a comprehensive and
extensible financial services model exposed as APIs. By accessing
its open APIs and extensible components, banks are able to invent,
curate, and launch products at the speed required to meet customer
expectations in today's marketplace.
Mahesh G. Raja, Sector Head &
Vice-President for Banking and Financial services, Wipro Limited
said, "We are excited to partner with Finxact and enable our
clients to transition to a future-proof, cloud-based core banking
system. With this partnership, we can become the end-to-end
provider for legacy core transformation, system management, and
banking operations. This will enable our clients to be leaders in
serving their end customers and take advantage of market
opportunities – backed by the Wipro-Finxact partnership."
"Our team has a unique perspective on what's occurring right now
in this banking segment because we authored and supported for
decades the core systems that regional banks are still running
today. The core is the factory floor and it will always determine
the output of the plant, what type of product gets built, how
quickly it gets produced, and how it is supported at
scale. Finxact is the Tesla factory for the modern era of
banking. Wipro, given its pedigree helping Hogan users,
understands this intuitively, making our partnership very
meaningful for our clients," said Frank
Sanchez, CEO and founder of Finxact.
Finxact secured a $30 million
strategic investment from leading banking and financial services
firms in 2019 and is currently working with multiple US and
international financial institutions, from de novo to top-tier
banks, on projects ranging from full core conversions to
digital-only initiatives.
About Finxact
Finxact is innovating the first
enterprise class cloud-native Core-as-a-Service platform with a 100
percent accessible open banking API. Finxact's modern architecture
enables banks to rapidly deliver new experiences by creating
products on demand and integrating new services as needed. The
Finxact team has been at the forefront of banking software for 35+
years, and together with its best of breed partners is disrupting
core banking so financial institutions can truly transform on their
terms. Learn more at www.Finxact.com.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE:
507685, NSE: WIPRO) is a leading global information technology,
consulting and business process services company. We harness the
power of cognitive computing, hyper-automation, robotics, cloud,
analytics and emerging technologies to help our clients adapt to
the digital world and make them successful. A company recognized
globally for its comprehensive portfolio of services, strong
commitment to sustainability and good corporate citizenship, we
have over 190,000 dedicated employees serving clients across six
continents. Together, we discover ideas and connect the dots to
build a better and a bold new future.
Contact:
Alyson Kuritz
Director
Zer0 to 5ive
www.0to5.com
M: (908) 892-7149
alyson@0to5.com
Twitter: @alysonkuritz
View original content to download
multimedia:http://www.prnewswire.com/news-releases/finxact--wipro-partner-to-help-us-mid-tier-banks-with-core-transformation-301270667.html
SOURCE Finxact