US-based Finxact partners Wipro for banking transformation services

Bengaluru: Finxact, a US-based core banking software major, has partnered with Wipro Ltd. to assist mid-tier banks with core transformation.
The Indian IT services firm would join the select group of professional services firms that are delivering Finxact’s next-gen core to the US regional and super-regional banking sector.

Wipro has established a Finxact centre of excellence within its banking practice with a specific focus on helping clients that have identified modernising their legacy core systems as the lynchpin of their long-term digital transformation initiatives, said the company. Many of these clients are mid-cap, US-based financial institutions that have relied extensively on Wipro over the years for outsourced maintenance and customization of their systems.

Wipro will leverage its expertise to guide the transformation journey and help clients bridge legacy systems like Hogan towards the cloud era.

Since its inception, Finxact’s go-to-market strategy contemplated a few strategic partnerships with elite professional service firms that would commit the time and intellectual capital required to become experts in the execution of Finxact core transformation for large US financial institutions.

For over a year, Wipro has worked alongside Finxact to build the product knowledge that would support its independent practice area and the extensive knowledge transfer to these embedded project teams has positioned Wipro as a very capable guide on a core conversion journey to Finxact, the company said.

“Having led numerous digital transformation projects over the last several decades, we see growing opportunities with the emerging digital banking ecosystem, as compared to legacy core systems,” Wipro’s Global FS Consulting Head Harpreet Arora was quoted saying in the statement. “We are delighted to partner with Finxact that offers cloud native and API-based core banking to help bring our digital-first approach to our clients.”

Frank Sanchez, chief executive officer and founder at Finxact, said that Wipro’s domain expertise would be meaningful for the company’s clients.

“The core is the factory floor and it will always determine the output of the plant, what type of product gets built, how quickly it gets produced, and how it is supported at scale. Finxact is the Tesla factory for the modern era of banking,” he said. “Wipro, given its pedigree helping Hogan users, understands this intuitively, making our partnership very meaningful for our clients.”