HPS, the market-leading provider of mission-critical solutions to the cards and payments industry, today announces that it has entered into a global services alliance agreement with Tech Mahindra, a leading $3.1bn specialist provider of connected solutions to the connected world.
HPS' flagship PowerCARD payments technology will now be available to Tech Mahindra's customers worldwide. The alliance will enable Tech Mahindra's financial institutions and payment processing customers of all sizes to improve their cards and payments businesses by replacing legacy hardware and software with a single, flexible and cost processing effective platform.
PowerCARD is a comprehensive suite of electronic payment solutions that covers the entire value chain of issuing, acquiring and switching in one single payments platform. This enables payments innovation by allowing new products to be brought to market more easily and changes to be implemented faster and at lower cost. The PowerCARD software does this using a modern and flexible technology architecture that is increasingly being seen as the future for the payments industry.
Abdeslam Alaoui, Managing Director, HPS, said: "Tech Mahindra benefits from a truly global network, and its expansion plans are very much in line with our own strategy. The collaboration between HPS and Tech Mahindra has been excellent and HPS will continue working with Tech Mahindra to deliver modernization programs in electronic payment for any financial institution that is looking to win market share or escape the technology legacy trap and we look forward to working with Tech Mahindra closely."
Niraj Vedwa, Global Head -Banking, Payments and Cards, Tech Mahindra, added: "Our mission is to deliver highest quality products, solutions and services to our existing and future customers that add value to their businesses and customers. HPS is undoubtedly the leader in payments software and this strategic partnership is extremely important for our market strategy and value proposition as it allows us to introduce a world-class payments processing platform to our customer base around the world."
Tech Mahindra is a multinational provider of IT solutions with business operations in more than 51 countries. The company focuses on application development and management, infrastructure management services, business intelligence, testing, business process management, enterprise content management and Big Data; and for Core Banking, payments, cards, treasury, trade finance, asset management, CRM, channels, customer centricity, MDS, and mobile money.