Wipro, Finastra partners to offer digital transformation services to corporate banks in India

Wipro said that it has partnered with Finastra, a global provider of financial software applications and marketplaces, to help the corporate banks in India to accelerate digital transformation by deploying Finastra's leading solutions.

This partnership combines its expertise across consulting, digital, infrastructure and operations with Finastra's cutting-edge solutions to deliver modern API enabled platforms for banks to innovate, streamline and digitize core trade finance processes, while reducing cost overheads, the company stated.

The IT major said that this multi-year partnership makes Wipro the exclusive implementation and go-to-market partner for all banks in India for Finastra's Fusion Trade Innovation and Fusion Corporate Channels. Wipro is also one of Finastra's preferred global partners for its cash and liquidity management solutions, it added.

Satya Easwaran, Country Head - India, Wipro, said, Corporate banks in India are increasingly looking at moving from the traditional manual and offline model to real-time execution, online platforms, and value-added services. With our exclusive partnership with Finastra, we can help our banking clients transform into truly digital platform players in trade and supply chain finance, with the ability to anticipate end-customer needs and respond in a much more agile and flexible manner. We are excited to bring together Wipro's deep domain expertise in Banking with Finastra's leading product suite.

Edward Sweigart, Vice President, Global Partner Ecosystem, Finastra, said, Wipro has long been a key global partner for Finastra, with significant and broad experience built in that time. Banks and financial institutions will now be able to leverage the combination of this experience and Finastra's leading solutions, which will help them to transform, grow, and better serve their customers.

Harpreet Arora, Global BFSI Domain & Solutions Head, Wipro, said, The strengthening and expansion of our partnership with Finastra is fundamental to driving the digital transformation agenda for corporate banks and financial services companies in India. Wipro's acquisition of Encore Theme Technologies, a specialist in implementing Finastra's trade finance solutions, continues to augment our deep and differentiated capabilities, and this partnership will solidify our presence across Asia Pacific further.

Wipro has several decades of strong presence and credibility in the India market. India is one of the six focus regions that comprise Wipro's APMEA (Asia Pacific, Middle East, India and Africa) Strategic Market Unit. In line with the ambition to drive sustainable business growth and deliver higher value to clients in this region, Wipro continues to strengthen its consulting capabilities, while focusing on innovation, talent and ecosystem partnerships to offer experience-led transformation, the company stated in the press release.

Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs.

The IT major's consolidated net profit dropped 16.96% to Rs 2,563.6 crore on 3.21% rise in revenue from operations to Rs 21,528.6 crore in Q1 FY23 over Q4 FY22.

Shares of Wipro were down 0.49% to Rs 402.95 on BSE.

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