Finastra, Hexaware Collaborate to Help Banks Modernize

The U.K. FinTech Finastra is working with the IT services firm Hexaware to provide managed services for Finastra’s cloud-based payment solutions.

“The move helps Hexaware customers in Germany, Belgium, the U.K. and Ireland take ownership of their payment infrastructure,” the two companies said in a news release on Wednesday (Nov. 10). “The partnership brings together the companies’ industry-leading payments and integration experience to provide mid-sized banks with an end-to-end Payments as a Service (PaaS) offering, which helps them remain competitive while mitigating operational costs.”

Chinmoy Banerjee, corporate vice president and global head of banking at Hexaware, said the partnership lets the company reach its goal of helping banks modernize and expand their digital footprint by bringing application and data infrastructure to the cloud.

“Payments is a key focus area for Hexaware over the next three to five years,” Banerjee said. “Our aim is to increase our service’s footprint through enhanced product competencies and to establish synergistic FinTech partnerships like the one we have with Finastra.”

The companies noted that domestic and cross-border digital payments can be both costly and complicated. To overcome this hurdle, Hexaware will become a managed service provider (MSP) for Finastra’s payments solutions, overseeing the payment licenses and assisting with implementation, hosting and maintenance services for its customers.

Together, the two companies say they are prepared to help banks control the costs associated with product ownership and dependency on payment processors, while also enabling them to adapt to innovation and regulatory changes.

“Hexaware’s expertise and outstanding reputation have led them to experience industry-leading growth for the past three years,” said Oren Marmur, senior vice president and general manager of payments for Finastra. “With deep subject matter expertise in payments, Finastra’s solution will support its vision to accelerate the digital transformation initiatives of its customers.”

Read more: Banks Large and Small Turn to FinTech Friends for Modernization

Earlier this year, Finastra announced a collaboration with Saudi Arabia’s Banque Saudi Fransi to modernize its treasury and trading operations. The bank integrated with Finastra’s treasury management platform Fusion Kondor, a step on the road to upgrading the bank’s back office, to give customers an improved product offering.