Finastra has announced its partnership with Tech Mahindra in order to accelerate the process of digital development for corporate banks and financial institutions. Following this announcement, Tech Mahindra and Finastra will focus on optimising the way corporate banks accelerate their digital development and transformation journeys.

Tech Mahindra is expected to become Finastra’s exclusive global implementation parter for its Cash Management platform, as well as the preferred partner for its Trade Innovation and Corporate Channels solutions in the USA, Canada, and Europe. In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Throughout this partnership, Finastra and Tech Mahindra are expected to offer corporate banking clients access to integrated end-to-end cross-functional offerings and capabilities, spanning digital advisory, system integration, cloud solutions, as well as integrated infrastructures.

Furthermore, the collaboration is set to deliver modern platforms that give corporate and institutional banks the possibility to innovate, streamline, and further digitalise their business operations. This will also provide an optimised customer experience and overall satisfaction. The strategic deal was announced at a time when corporate and institutional banks and financial institutions face growing challenges and difficulties, such as growing operational costs, rising regulatory complexity, global Society for Worldwide Interbank Financial Telecommunications (SWIFT) standards and payment-related changes, as well as error-prone manual procedures and an overall lack of digitalisation.

According to officials of the companies, the collaboration is expected to accelerate time to value for clients through faster implementations and upgrades. It will also combine Finastra’s solutions with Tech Mahindra’s overall global presence and deep knowledge in banking tool implementation, infrastructure, digitalisation, and operations. .