Finxact, an enterprise class cloud-native Core-as-a-Service platform, has selected Indian IT company Wipro to offer core transformation services to US mid-tier banks.
The Indian IT major joins Finxact’s select group of professional services firms that delivers its core to the US regional and super-regional banking sector.
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As part of the tie-up, Wipro has set up a Finxact centre within its banking practice to help clients that have identified modernising their legacy core systems with their long-term digital transformation strategy.
Finxact’s platform includes an extensible financial services model exposed as APIs. Banks can invent, curate, and launch products at speed by accessing its open APIs and extensible components.
Since its inception, Finxact has been working with Wipro to develop the product knowledge to support its independent practice area.
The extensive knowledge transfer to these embedded project teams has made Wipro a very capable guide on a core conversion journey, Finxact noted.
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By GlobalDataWipro global FS consulting head Harpreet Arora said: “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.”
Finxact CEO and founder Frank Sanchez added: “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.”
Finxact secured a $30m strategic investment from banking and financial services firms in 2019 to support the development of its core banking platform.
The company is currently working with a number of US and international financial institutions on projects ranging from full core conversions to digital-only initiatives.
