As mentioned in the announcement, the move should assist Hexaware clients in Germany, Belgium, the United Kingdom and Ireland with taking ownership of their payment infrastructure.
As noted in the update, the partnership brings together the firms’ payments and integration experience, in order to offer mid-sized banking institutions with a comprehensive end-to-end Payments as a Service (PaaS) offering which helps them stay competitive while addressing operational costs.
Chinmoy Banerjee, Corporate VP and Global Head – Banking, Hexaware, stated:
“Finastra’s strong payments offering enables our vision to help banks modernize and extend their digital footprint, by bringing their data infrastructure and applications to the cloud in an extremely fast, cost predictable, secure and co-engineered manner. Payments is a key focus area for Hexaware over the next three to five years. Our aim is to increase our service’s footprint through enhanced product competencies and establishing synergistic fintech partnerships, like that we have with Finastra.”
Local and cross-border virtual payments may be costly and complicated when it comes to taking care of risks, so there’s a need to keep up with innovation and high transaction costs.
In order to address these issues, Hexaware will serve as a Managed Service Provider (MSP) for Finastra’s payments solutions, “managing the payment licenses and supporting implementation, hosting and maintenance services for its customers,” the announcement explained.
With the appropriate products and more than 20 years of solution integration experience, the firms are well-positioned to offer a PaaS product offering which will should help banks “to de-risk payments transformation and control transaction costs associated with product ownership and dependency on payment processors.”
It will also “help banks adapt quickly to innovation and regulatory changes with a trusted advisor,” the announcement noted.
Oren Marmur, SVP and General Manager, Payments, Finastra, remarked:
“Hexaware’s expertise and outstanding reputation has led them to experience industry-leading growth for the past three years. With deep subject matter expertise in payments, Finastra´s solution will support their vision to accelerate the digital transformation initiatives of their customers. The partnership was formed based on a shared goal to bring greater value for our banking customers, across payment product capabilities and technology services deployed in the cloud. We are delighted to collaborate with Hexaware to help selected banks across Europe offer digital payments.”