CONNECT WITH US
Fintech

Fintech

Tech Mahindra Acquires Finastra’s Cash Management Product Suite

Finovate logo

Published on

Add as a preferred source on Google
Tech Mahindra Acquires Finastra’s Cash Management Product Suite

India-based consulting services company Tech Mahindra announced it has acquired the Cash Management product suite of financial services software company Finastra.

Under the agreement, Finastra is offloading Fusion Cash Management (FCM), Fusion Virtual Accounts (FVA), and Fusion Liquidity Management (FLM). Specifically, Tech Mahindra has acquired the intellectual property associated with the FCM, FVA and FLM products along with IP and capabilities across CashPlus, Global CashPlus, APIs, payables, receivables, balance and transaction reporting, liquidity management, cash-flow forecasting, and virtual accounts. Tech Mahindra anticipates that adding these capabilities will help grow its Banking, Financial Services and Insurance (BFSI) solutions portfolio.

Additionally, Tech Mahindra made it clear that the products aren’t going anywhere. The company will provide continued investment, innovation, and support for the cash management tools, and will continue providing Finastra’s existing customers with access to and support for the products.

Overall, Tech Mahindra anticipates that the acquisition will put it in a better position to help banks meet evolving demands for cash, liquidity, and transaction banking capabilities. “The acquisition of Finastra’s Cash Management product suite strengthens our banking products portfolio and expands our ability to support financial institutions across critical cash and liquidity management needs,” said Tech Mahindra SVP, Banking Group and Chief Product Officer, Financial Services Anil Venuturupalli. “Through this acquisition, we are creating a strong foundation for continued innovation. Our focus is on evolving these capabilities to help banks address the growing demand for intelligent, connected and efficient cash management solutions.”

Founded in 2017 through the merger of Misys and D+H, Finastra serves 7,000 customers, including 80% of the top 50 global banks, with software spanning lending, payments, and retail banking.


Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.