Accenture (NYSE: ACN) has reportedly made an investment, via Accenture Ventures, into Imburse, a Cloud-powered, payments-as-a-service enterprise platform that aims to simplify the way businesses gain access to the international payments ecosystem.
Established in Zurich, Switzerland in 2018, Imburse works cooperatively with various insurers, banking institutions and other large firms to connect outdated legacy systems to the international payments ecosystem via a single connection using different APIs. Imburse works closely with several different multinational clients, which includes the Generali Group.
As firms continue to work through the complexity of digital disruption and the changing requirements of clients, payments interoperability is increasingly becoming a key part of firms’ overall digital transformation strategy.
Sulabh Agarwal, who’s responsible for leading Accenture’s Payments group internationally, stated:
“Payments systems at many companies are being stressed by changing consumer preferences – challenging them to offer the latest digital payment options while maintaining efficient operations. Imburse’s payments platform removes integration challenges and acts as the payments glue for organizations, fusing together all payments types including bank transfers, credit cards and digital wallets, to offer the customer seamless, quick and secure experiences.”
Imburse’s management noted that they’ll be joining Accenture Ventures’ Project Spotlight – an immersive engagement and investment program focused on linking emerging tech startups with the Global 2000 to fill innovation gaps.
Through the initiative, Imburse will also gain access to Accenture’s innovation network, and the chance to co-innovate with Accenture software developers, system architects and payments specialists.
Oliver Werneyer, CEO at Imburse, stated:
“We’re excited for Accenture to join our mission to make access to the global payments ecosystem easier for businesses, bringing deep industry expertise and thought leadership. Businesses around the world are under immense pressure to digitalize their payments systems and to exceed customer expectations – however the investment, time and resources required is, for many businesses, unjustifiable. Imburse and Accenture will work together to help businesses to fully optimize and future-proof their payment capabilities and leverage payments as a key strategic value driver.”
Tom Lounibos, MD at Accenture Ventures, remarked:
“Against a rapidly shifting global payments landscape, we see a huge opportunity for Imburse to add value for our clients and we’re excited to work with them to expand to new markets and scale to new industry verticals. Accenture Ventures’ investment in Imburse aligns with our commitment to solve some of the most critical business needs of our clients, which will only become more complex in the future.”
Pietro Carnevale, CEO of House of Insurtech Switzerland (HITS) AG of Generali Switzerland, added:
“The collaboration between HITS, Generali and Imburse helped us transform and digitize our payments processes in a cost effective manner, creating a better experience for our current and future customers. This is a great example of how startups and corporations can work together to solve the most pressing needs of the business. While Imburse is already working with insurers to help them update their payments processes, the startup will greatly benefit from the connections, network and industry expertise that Accenture will provide.”
Terms of the investment deal have not been shared publicly.