I&M Bank partners with Otoma to modernise payments services

I&M Bank, a Kenya-based commercial bank, has partnered with Otoma, a US-based PayTech, to enhance its payment capabilities and modernise its payments infrastructure. 

The collaboration will see I&M Bank adopt Otoma’s AI-native payment hub, replacing legacy systems and enabling the bank to develop, test and launch new payment products more efficiently. 

Jamie Loden, Chief Operating Officer at I&M Bank, said the partnership would help the bank simplify the way it builds and manages payment services while reducing the complexity and time required to introduce new capabilities. 

Through the platform, I&M Bank aims to improve operational flexibility and respond more quickly to evolving customer demands, market developments and changes across payment ecosystems. 

Founded in 2016, Otoma provides financial institutions with infrastructure that allows them to develop, test and deploy payment products in near real time.  

The company’s technology addresses challenges associated with legacy payment systems, including the cost, complexity and lengthy timelines involved in implementing change. 

Otoma CEO Peter Reynolds said the platform would help eliminate many of the operational constraints linked to traditional payment infrastructure while improving speed and efficiency. 

The initial rollout will begin in Kenya, with plans to expand beyond the market over time. 

For I&M Bank, which serves more than one million retail and corporate banking customers, the partnership forms part of a broader technology modernisation strategy. The bank recently partnered with Surecomp to deploy its DOKA-NG and RIVO solutions as part of efforts to digitise trade finance operations. 

The latest collaboration is expected to strengthen I&M Bank’s payments architecture while supporting faster service innovation and greater operational agility.