IBM 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,” the company said.
„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,” added the company.
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.
1 According to Gartner market estimates for 2023.