Tech Mahindra & Finastra to fuel digital transformation for Corporate Banks

By Gloria Mathias

Tech Mahindra, a global provider of technology consulting and digital solutions, has announced a partnership with Finastra, a global provider of financial software applications and marketplaces, to help corporate banks accelerate their digital transformation journeys.

Through the partnership, Tech Mahindra will become Finastra’s exclusive global implementation partner for its Cash Management platform and the preferred partner for its Trade Innovation and Corporate Channels solutions in the USA, Canada, and Europe.

Together, Finastra and Tech Mahindra will offer corporate banking customers integrated, end-to-end cross-functional offerings spanning digital advisory, system integration, integrated infrastructure, and cloud services. The partnership will deliver modern platforms that enable corporate and institutional banks to innovate, streamline and digitalize their business operations to enhance customer satisfaction.

Mohit Joshi, Chief Executive Officer & Managing Director, Tech Mahindra, said, “This partnership brings together two global leaders in digital transformation and financial services applications to help corporate banks scale at speed. We believe our joint efforts will redefine the way banks digitize to improve their profit margins.”

The partnership is announced at a crucial time when corporate and institutional banks face growing challenges, such as rising regulatory complexity, growing operational costs, global Society for Worldwide Interbank Financial Telecommunications (SWIFT) standards and payment-related changes, error-prone manual processes, and a lack of digitalization.

The partnership will accelerate customers’ time-to-value through faster implementations and upgrades. It will combine Finastra’s solutions with Tech Mahindra’s global presence and deep knowledge of banking product implementation, digitalization, infrastructure, and operations.

Simon Paris, CEO of Finastra, said, “This is an important partnership that aligns closely with our commitment to helping our customers navigate today’s challenges and embrace much-needed digitalization. Tech Mahindra’s broad portfolio of services and deep experience are a valuable complement to our modern and open software. With this combination, we look forward to propelling the digital transformation of even more banks and financial institutions around the world.”

For over 23 years, Tech Mahindra has supported banks serving commercial and private customers with core transaction processing, automation, and digital transformation.