I&M Bank partners with Otoma to modernise payments

By Divya Shah

Why it matters: The partnership highlights growing demand for AI-driven payment modernisation. As banks move away from legacy systems, FinTech providers offering automation, no-code platforms and real-time payment capabilities are likely to play a bigger role in helping financial institutions accelerate innovation and improve operational efficiency.

I&M Bank, a Tier 1 commercial bank in Kenya, partnered with Otoma, an AI-native payments technology provider, to modernise its end-to-end payments infrastructure and improve the speed, reliability and efficiency of payment services for customers. 

Under the partnership, I&M Bank will implement Otoma’s AI-native payment hub to simplify payment operations and enhance the customer payments experience. The new platform is expected to reduce failed and duplicate transactions, improve payment visibility and speed up transaction resolution. 

Jamie Loden, Chief Operating Officer at I&M Bank, said, “Otoma gives us the ability to do that with a modern technology approach. By combining genuine no-code capabilities with AI and extensive automation, we can simplify how we build, change and operate payment services, reduce the time and complexity of delivering new capabilities, and respond much faster as 

 our customers, markets and payment ecosystems evolve.” 

The modernised payments environment will also strengthen its ability to introduce new payment services more quickly, expand connectivity across payment channels and networks, and provide customers with greater choice and convenience. 

 Otoma’s payment hub combines AI-driven automation with no-code capabilities, enabling banks to modernise payments infrastructure while maintaining greater control over operations.  

The platform is designed to support rapid deployment and continuous updates, helping institutions respond more effectively to changing market requirements and customer expectations.  

The solution enables banks to design, test and deploy payment capabilities in near real time, reducing the cost. Complexity and timelines typically associated with large-scale payment transformation projects. 

 By adopting the platform, I&M Bank aims to improve operational efficiency while building a more flexible payments infrastructure capable of supporting future innovation and growth. 

Peter Reynolds, CEO of Otoma, said, “I&M is another leading bank that has experienced first-hand the constraints of legacy payments technology, particularly the time, complexity and cost involved in making change.”