Canadian Fintech Solutions Provider Gives Financial
Institutions the Flexibility and Security to Rapidly Innovate and
Compete; Advances IBM's Hybrid Cloud and AI Strategy
ARMONK, N.Y., Dec. 15,
2020 /CNW/ -- IBM (NYSE: IBM) today announced it has
acquired Montreal-based fintech
company, Expertus Technologies Inc. The acquisition
strengthens IBM's portfolio as an end-to-end digital payments
solution provider and further advances IBM's hybrid cloud and AI
strategy.
"Financial institutions must balance greater demand for secure
digital solutions while complying with rapidly evolving
regulation," said Mark Foster,
Senior Vice President, IBM Services. "Expertus'
payment-as-a-service solution expands our hybrid cloud-based
payments offerings, transforming payments and treasury management
with AI to give financial institutions the flexibility to rapidly
innovate and stay competitive as consumer demands evolve."
Expertus is a pioneer in cloud solutions for the financial
services industry. More than 1,000 entities including banks, credit
unions, regulatory agencies and corporates around the globe process
an average of over $50 billion daily
on its payments platform. Expertus is also one of the largest North
American services bureaus of the Society for Worldwide Interbank
Financial Transactions (SWIFT), the vast network used by banks and
other financial institutions to manage money transfers and treasury
transactions.
With this acquisition, IBM gains decades of consulting
experience to address the most pressing payment modernization
challenges of financial institutions, which are part of the more
than $100 billion consulting and
business process services opportunity in banking and financial
markets1 over the next few years. This acquisition
also expands IBM's finance industry depth and ability to manage
complex integrations – of technologies, people and processes – and
builds on last month's acquisition of SAP consulting partner
TruQua, which bolstered IBM Global Business Services' cloud
application modernization and finance transformation expertise.
AI-Powered Intelligent Workflows for Payments
IBM has long been committed to simplifying and streamlining the
payment transaction experience while complying with the myriad of
regulations, improving fraud detection and enforcement of payments
industry standards. Expertus payments and cash management solutions
modernize payment operations such as real-time cross-border payment
processing. Cloud-based payments provide the needed flexibility for
financial institutions to develop and offer new consumer services,
while also meeting strict regulatory requirements for financial
data transmission and fraud detection.
Together with Expertus, IBM can now provide financial
institutions with the full breadth of intelligent workflows,
end-to-end business processes embedded with AI, data and analytics,
transforming payments and treasury management on the cloud with
real-time data, easy to use interfaces and improved pricing by
reducing cost per transaction. Additionally, it complements
the deep industry expertise, security and resiliency available
through IBM Cloud for Financial Services™.
"Expertus built an efficient and trusted financial services
enterprise, that in many ways, was ahead of its time," said
Jacques Leblanc, CEO and founder of
Expertus. "Together with IBM, we now can offer businesses worldwide
the benefits and security of seamless end-to-end financial
transactions."
"IBM and Expertus' long-standing partnership is a great
foundation upon which to deepen our relationship," added Leblanc.
"As a home-grown Montréal company, we are proud to bring our
offering as well as our commitment to customers to a new level and
to a broader market."
Expertus is now part of IBM Global Business Services, following
its previous successful alliance with IBM Payments Center Canada.
IBM will consolidate Expertus' Payments Platform as a
Service offering and build on SWIFT processing
services and capabilities, which enable a global network of
11,000 financial institutions in more than 200 countries to send
and receive information about financial transactions.
IBM's continued investment is its secure and enterprise-grade
hybrid cloud offerings – leveraging Red Hat OpenShift – makes it
uniquely equipped to meet the specific requirements of financial
services institutions. IBM Cloud for Financial Services™ is powered
by the same industry-leading confidential computing security
industry-leading confidential computing security found in IBM
Z. Delivered via IBM Hyper Protect Services, it features 'Keep Your
Own Key' encryption capabilities backed by the highest level of
security certification commercially available, making it ideal for
mission-critical workloads and highly sensitive data.
To learn more about IBM Global Business Services, please visit:
https://www.ibm.com/services.
Media Contact:
Tricia Vuiton
IBM External Relations
tavuiton@us.ibm.com
1 According to Gartner market estimates for 2023.
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SOURCE IBM