Wipro, Finastra to help corporate banks in India with digital transformation

Indian IT services firm Wipro and financial software applications provider, Finastra, have announced a partnership to help corporate banks in India with their digital transformation journey. 

The partnership will help banks make this transition quickly through access to Wipro's service portfolio, from consulting and digital to infrastructure and operations and Finastra's leading solutions namely fusion trade innovation and fusion cash management. 

“Corporate banks in India are increasingly looking at moving from the traditional manual and offline model to real-time execution, online platforms, and value-added services. With our exclusive partnership with Finastra, we can help our banking clients transform into truly digital platform players in trade and supply chain finance, with the ability to anticipate end-customer needs and respond in a much more agile and flexible manner,” said Satya Easwaran, Country Head — India, Wipro Limited. 

In October 2020, Wipro acquired Encore Theme Technologies, a specialist in implementing Finastra’s trade finance solutions. Notably, Wipro is one of Finastra’s preferred global partners for its cash and liquidity management solutions. 

Edward Sweigart, Vice President, Global Partner Ecosystem, Finastra, said, “Wipro has long been a key global partner for Finastra, with significant and broad experience built in that time. Banks and financial institutions will now be able to leverage the combination of this experience and Finastra’s leading solutions, which will help them to transform, grow, and better serve their customers.” 

Wipro's reported its June quarter or Q12022 profit at ₹2,563 crore, a dip of 20.9% year-on-year (YoY). The company earns 35.4% of its revenue from banking, financial services and insurance sector.