India-based company Comviva has entered into a strategic partnership with fintech software company Strands.
The partnership will seek to provide an integrated suite of digital banking, wallet and payment solutions to banking customers.
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As agreed, Comviva to utilise Strands’ smart Personal Finance Management (PFM) solution to enable the financial institutions offer tailored digital offerings to consumers.
Comviva chief growth & transformation officer Srinivas Nidugondi said: “Comviva is focused on enhancing consumer experience by embracing next-generation technologies.
“Our collaboration with Strands will allow us to leverage data-analytics, Artificial Intelligence and Machine Learning driven Personal Finance Management solution to provide enhanced digital banking and payment experience.
“For banks, financial institutions, and digital wallet providers the PFM solution will help to accelerate innovation, increase user engagement, create up-sell and cross-sell opportunities and generate greater consumer long-term value and brand loyalty.”
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By GlobalDataStrands is said to provide financial solutions to more than 700 banks and financial institutions in more than 30 countries.
The PFM solution offers customers an aggregate view of all their accounts. The offering also enables them to track transactions and get an overview of their income, expenses and cash flow.
It also offers insights to help the users devise monthly budgets and enable them to achieve personal saving goals.
Strands CEO Erik Brieva said: “In Comviva, we have a leading partner with whom to deliver an enhanced personal banking experience through Strands PFM, Like Strands, Comviva has a global reach and is committed to developing truly innovative digital financial solutions.”
Last year, Italy-based credit information company CRIF acquired Strands.
