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Tech Mahindra to acquire Payments Technology Services

Wednesday 13 January 2021 14:07 CET | News

India-based IT services player Tech Mahindra has announced it will acquire Payments Technology Services (PTSL), a subsidiary of fintech firm FIS, for USD 9 million.

The acquisition will give Tech Mahindra access to IPs and licenses for two products - Open Payment Framework (OPF) and Multi-Bank System (MBS). The transaction is expected to close by March 31, 2021.

Established in March 2007, PTSL is a payments solutions provider with a focus on banking and financial Services (BFS). In support of Tech Mahindra’s strategy to expand its BFSI (banking, financial services, and insurance) footprint globally the company will also build a Centre of Excellence (CoE) in India.


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Keywords: Tech Mahindra, Payments Technology Services, acquisition, FIS, payment solution provider, PSP
Categories: Banking & Fintech | Online & Mobile Banking
Countries: India
This article is part of category

Banking & Fintech