IBM takes over Expertus Technologies; modernizes hybrid cloud digital payment solutions
By Pavithra R
IBM has announced the acquisition of Montreal-based fintech company, Expertus Technologies, strengthening its portfolio as an end-to-end digital payments service provider and further advances IBM’s hybrid cloud and AI strategy.
Founded in 2001, Expertus is a leader in cloud solutions for the financial services industry. It provides corporates and financial institutions with multibank targeted software solutions and consulting services that reduce operational costs and risks. More than 1,000 worldwide entities including credit unions, banks, regulatory agencies and corporates process an average of over $50 bn daily on its payments platform. It is also among the largest North American services bureaus of the Society for Worldwide Interbank Financial Transactions (SWIFT) managing money transfers and treasury transactions.
“Financial institutions must balance greater demand for secure digital solutions while complying with rapidly evolving regulation. Expertus’ payment-as-a-service solution expands our hybrid cloud-based payments offerings, transforming payments and treasury management with AI to give financial institutions the flexibility to rapidly innovate and stay competitive as consumer demands evolve,” said Mark Foster, Senior Vice President, IBM Services.
Through the acquisition, IBM will gain decades of consulting experience to address the most pressing payment modernization challenges of financial institutions. This deal is built on the acquisition of SAP consulting partner TruQua, which strengthened IBM Global Business Services’ cloud application modernization and finance transformation expertise and will expand IBM’s finance industry depth and ability to manage complex integrations.
IBM together with Expertus, will now provide FIs with intelligent workflows, end-to-end business processes embedded with Artificial Intelligence, data and analytics, transforming payments and treasury management on the cloud with easy to use interfaces, real-time data, and improved pricing by reducing cost per transaction. Besides, it complements the industry expertise, security and resiliency available through IBM Cloud for Financial Services.
“Expertus built an efficient and trusted financial services enterprise, that in many ways, was ahead of its time. Together with IBM, we now can offer businesses worldwide the benefits and security of seamless end-to-end financial transactions,” said Jacques Leblanc, CEO and founder of Expertus.
“IBM and Expertus’ long-standing partnership is a great foundation upon which to deepen our relationship. As a home-grown Montréal company, we are proud to bring our offering as well as our commitment to customers to a new level and to a broader market,” added Leblanc.
Expertus is now part of IBM Global Business Services, following its previous successful alliance with IBM Payments Center Canada. IBM will consolidate Expertus’ Payments Platform as a Service offering and build on SWIFT processing services and capabilities to send and receive information about financial transactions.
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