IBM has acquired the FinTech organization Expertus Technologies, focused on bringing enterprise payment architectures into the modern era. Founded in 2001, the Canada-based company offers payment-as-a-service cloud solutions to banks, credit unions and enterprise players. Over $50 billion is processed through the Expertus platform daily.
IBM says that over the next few years, the digital payments consultancy market in banking and finance could be worth as much as $100 billion. For a big name as IBM, this makes the fintech industry really tempting.
Expertus has now become part of IBM Global Business Services and the firm’s platform will be merged with IBM financial solutions.
“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,” IBM says.
By bringing Expertus into the fold, IBM says the company will now be able to offer financial institutions “end-to-end business processes embedded with AI, data, and analytics,” improved pricing cost per transaction, and additional payment modernization expertise via IBM Cloud for Financial Services.
“Financial institutions must balance greater demand for secure digital solutions while complying with rapidly evolving regulation,” said Mark Foster, SVP of 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.”