Wipro partners Finastra to accelerate digital transformation in transaction banking

The IT major on Wednesday announced a partnership with Finastra to help corporate banks across Asia Pacific accelerate their digital transformation.

The companies will create a unique offering that combines Wipro's comprehensive services catalogue with Finastra's front-to-back trade finance and cash-management solutions.

A recent Finastra study showed that corporate banking clients have shifted their focus towards real-time execution capabilities, access to online platforms, and value-add services. In response, banks are moving away from the traditional relationship management model to become digital platform players that can meet client needs in a faster, flexible and more agile way. The partnership will help banks make this transition quickly through access to Wipro's service portfolio, from consulting and digital to infrastructure and operations and Finastra's leading solutions namely Fusion Trade Innovation and Fusion Cash Management.

Harpreet Arora, vice president of BFSI Domain & Consulting Head said, This partnership is in line with our continued efforts to strengthen our presence in Asia-Pacific and drive digital transformation. Having recently acquired Encore Theme Technologies, a specialist in implementing Finastra's trade finance solutions, this agreement is a logical next step in deepening our mutually beneficial partnership.

Meanwhile, Wipro announced that it has sold its entire stake in Denim Group for a consideration of $22.42 million. Consequent to the sale, Wipro does not hold any stake in Denim Group. In March 2018, Wipro acquired 33.33% stake in Denim Group and Denim Group Management, a leading independent application security firm, for a consideration of $8.83 million.

Shares of Wipro were up 0.06% at Rs 543.30 on NSE.

Wipro is a leading global information technology, consulting and business process services company. The IT major's consolidated net profit grew 27.78% to Rs 2,972.30 crore while revenue increased 3.4% to Rs 16245.40 crore in Q4 FY21 over Q4 FY20.

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