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Tech Mahindra to expand its Enterprise Payments, Banking Capabilities globally

Plans to build a state-of-the-art Centre of Excellence (CoE) in Chennai

New Delhi, NFAPost: Tech Mahindra, a leading provider of digital transformation, consulting, and business re-engineering services and solutions, announced a professional services agreement with FIS to scale its enterprise payments and banking capabilities. As part of the deal, Tech Mahindra will also acquire Payments Technology Services Limited a subsidiary of FIS.

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.

Based in Asia, Payments Technology Services Limited is focused on serving the banking and payment needs of Asian financial services firms.

Commenting on the development, Tech Mahindra Head Corporate Development & Global Head for Financial Services and Healthcare Vivek Agarwal said BFSI is one of the fastest growing industry segment for Tech Mahindra and the company 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,” said Vivek Agarwal.

Tech Mahindra America Strategic Verticals President Lakshmanan Chidambaram said the company is 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,” said Lakshmanan Chidambaram.

FIS President Banking and Merchant Solutions Bruce Lowthers 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,” said Bruce Lowthers.

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.     

Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates and the Society to Rise. The company is a $5.2 billion company with over 124,250 professionals across 90 countries, helping 988 global customers including Fortune 500 companies.

The company’s convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to our stakeholders. Tech Mahindra has been recognised amongst India’s 50 best companies to work for in 2020 by the Great Place to Work Institute.

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