Wipro has been active in India for several decades, as the country represents one of the six focus regions that comprise Wipro’s APMEA (Asia Pacific, Middle East, India and Africa) Strategic Market Unit.
This new partnership with Finastra involves combining Wipro’s expertise in consulting, digitalisation, and infrastructure with Finastra’s cutting-edge solutions in order to deliver modern API-enabled platforms. These platforms would help corporate banks in India to innovate and digitise core trade finance processes while reducing cost overheads.
Moreover, the collaboration makes Wipro the go-to-market partner for all banks in India for Finastra’s Fusion Trade Innovation and Fusion Corporate Channels. Official Wipro representatives cited by expresscomputer.in revealed that corporate banks in India are looking to move away from traditional manual and offline models to real-time execution, online platforms, and value-added services.
Finastra representatives cited by the same source emphasised that India is an important growth market for Finastra and that the partnership with Wipro will help the company expand its reach across the country.
In a similar move, Wipro partnered with Finastra in June 2021 to help corporate banks across Asia-Pacific accelerate their digital transformation. The result of this partnership was an offering that combined Wipro’s services catalogue with Finastra’s front-to-back trade finance and cash management solutions.
The collaboration supported the digital transformation of banks by providing access to Wipro’s service portfolio and Finastra’s solutions such as Fusion Trade Innovation and Fusion Cash Management.
In September 2021, Wipro worked with US-based First Horizon Bank (FHN) to provide core banking channels and transform the service functions of VirtualBank. Wipro has worked with 6 other companies to optimise VirtualBank's cloud migration and support their fintech stack in a public cloud ecosystem. This partnership resulted in a comprehensive transformation of VirtualBank's existing technology stack into a cloud-based, API- enabled offering.
In July 2022, Wipro joined Temenos to help banks across varying scales to accelerate their go-to-market strategies in regions such as the US, the UK, and Australia.
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