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IBM acquires Canadian payments outfit Expertus

IBM acquires Canadian payments outfit Expertus

IBM has acquired Canadian fintech Expertus as part of a strategy to extend its hybrid cloud offerings deeper into the AI and payments space.

Expertus process $50 billion daily on its platform, providing services to more than 1000 financial institutions, regulatory agencies and corporates around the globe. The firm is also one of the largest North American Swift service bureaus.

"Financial institutions must balance greater demand for secure digital solutions while complying with rapidly evolving regulation," says Mark Foster, SVP, IBM Services. "Expertus' payment-as-a-service solution expands our hybrid cloud-based payments offerings, transforming payments and treasury management with AI to give financial institutions the flexibility to rapidly innovate and stay competitive as consumer demands evolve."

With the acquisition under its belt, Foster says IBM can now provide financial institutions with a full breadth of intelligent workflows and end-to-end business processes embedded with AI, data and analytics. The deal further bolsters IBM's Cloud for Financial Services ecosystem.

Financial terms were not disclosed.

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