Tech Mahindra announced a professional services agreement with FIS to scale its enterprise payments and banking capabilities. This agreement aligns with Tech Mahindra’s strategy to expand its BFSI (banking, financial services and insurance) footprint globally. In support of this strategy, Tech Mahindra will also build a state-of-the-art Centre of Excellence (CoE) in Chennai, India.
Tech Mahindra will also acquire Payments Technology Services Limited a subsidiary of FIS. Based in Asia, Payments Technology Services Limited is focused on serving the banking and payment needs of Asian financial services firms.
Vivek Agarwal, Head Corporate Development & Global Head for Financial Services and Healthcare, Tech Mahindra, said, “BFSI is one of the fastest growing industry segment for Tech Mahindra and we now have a strong presence across key regions including North America, Europe and Asia Pacific. This move is in line with our TechMNxt charter and is aimed at strengthening our global payments capabilities, and offer clients end-to-end payments transformation services and expand this expertise to core banking and digital.”
Lakshmanan Chidambaram, President, America Strategic Verticals, Tech Mahindra, said, “We are delighted to partner with FIS and look forward to work together across key product areas. This agreement adds to our capabilities in BFSI, enabling us to develop and deliver next generation solutions to customers helping them to run better, change faster and grow greater.”
Bruce Lowthers, President Banking and Merchant Solutions, FIS, said, “FIS is constantly focused on advancing the way the world pays, banks and invests. We’re pleased this new relationship with Tech Mahindra supports that focus.”
This underlines Tech Mahindra’s focus on digital growth, under the TechMNxt charter, which focuses on leveraging next generation technologies and solutions to enable digital transformation, and develop cutting-edge technology solutions and services to address real world problems that can meet the evolving and dynamic needs of customers.