Finxact, the leader in Core as a Service banking, announced today that Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, will join the select group of Professional Services firms that are delivering its next-gen core to the US regional and super-regional banking sector.
Wipro has established a Finxact center of excellence within its banking practice with a specific focus on helping clients that have identified modernizing their legacy core systems as the lynchpin of their long-term digital transformation initiatives. 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. The extensive knowledge transfer to these embedded project teams has positioned Wipro as a very capable guide on a core conversion journey to Finxact.
"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. 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," said Harpreet Arora, Vice President & Global FS Consulting Head, Wipro Limited.
Finxact is a high-performance, highly-scalable, real-time position keeping platform that includes a comprehensive and extensible financial services model exposed as APIs. By accessing its open APIs and extensible components, banks are able to invent, curate, and launch products at the speed required to meet customer expectations in today's marketplace.
Mahesh G. Raja, Sector Head & Vice-President for Banking and Financial services, Wipro Limited said, "We are excited to partner with Finxact and enable our clients to transition to a future-proof, cloud-based core banking system. With this partnership, we can become the end-to-end provider for legacy core transformation, system management, and banking operations. This will enable our clients to be leaders in serving their end customers and take advantage of market opportunities - backed by the Wipro-Finxact partnership."
"Our team has a unique perspective on what's occurring right now in this banking segment because we authored and supported for decades the core systems that regional banks are still running today. 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. Wipro, given its pedigree helping Hogan users, understands this intuitively, making our partnership very meaningful for our clients," said Frank Sanchez, CEO and founder of Finxact.
Finxact secured a $30 million strategic investment from leading banking and financial services firms in 2019 and is currently working with multiple US and international financial institutions, from de novo to top-tier banks, on projects ranging from full core conversions to digital-only initiatives.