Major IT services provider Tech Mahindra has announced the acquisition of a cash management product suite from Finastra. This package includes Fusion Cash Management (FCM), Fusion Virtual Accounts (FVA), and Fusion Liquidity Management (FLM).
The financial details of the deal were not disclosed. This acquisition allows for the integration of the product suite into Tech Mahindra's portfolio of solutions for Banking, Financial Services, and Insurance (BFSI). The goal of the acquisition is to ensure service continuity for existing clients through constant platform access, provision of support services, and the transfer of experienced product development and client-facing specialists to Tech Mahindra.
Anil Venuturupalli, Vice President of Banking Group and Director of Financial Services Products at Tech Mahindra, noted that the purchase of Finastra's cash management product suite strengthens the company's banking product portfolio and expands its capabilities in supporting financial institutions regarding liquidity and cash flow management.
He added that this acquisition lays a solid foundation for future innovations, as the company is focused on developing these capabilities to help banks meet the growing demand for intelligent, connected, and efficient cash management solutions.
The deal combines intellectual property rights of the product, an existing customer base, expert personnel in products and client relations, Finastra's Center of Excellence within Tech Mahindra, and the trust built on the existing partnership between Tech Mahindra and Finastra. These elements collectively support customer service continuity and create a stronger foundation for future growth based on transactional banking products.
Ruchir Purwar, Head of Partnerships and Cross-Sales at Finastra, stated that this is a good step for these products and, most importantly, for the customers who rely on them. He emphasized that Tech Mahindra possesses deep expertise in banking and technology, has a thorough understanding of Finastra's business, and the company is confident that Tech Mahindra is ready to advance these solutions and continue supporting clients as their needs evolve.
