Managed services partnership provides an end-to-end, cloud-enabled Payments as a Service (PaaS) offering for mid-sized banks in Germany, Belgium, the UK and Ireland

Finastra today announced its partnership with Hexaware Technologies (Hexaware) to provide managed services for Finastra’s payments solutions deployed in the cloud. The move helps Hexaware customers in Germany, Belgium, the UK and Ireland take ownership of their payment infrastructure. The partnership brings together the companies’ industry leading payments and integration experience, to provide mid-sized banks with an end-to-end Payments as a Service (PaaS) offering which helps them remain competitive while mitigating operational costs.

Chinmoy Banerjee, Corporate Vice President and Global Head - Banking, Hexaware said, “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.”

Domestic and cross-border digital payments can be expensive and complicated in terms of managing risks, keeping up with innovation and high transaction costs. To address these challenges, Hexaware will become a Managed Service Provider (MSP) for Finastra’s payments solutions, managing the payment licenses and supporting implementation, hosting and maintenance services for its customers. With industry leading products and over two decades of solution integration experience, the two companies are well equipped to provide a PaaS offering which will 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.

Oren Marmur, SVP and General Manager, Payments, Finastra said, “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.”