Fiserv’s USD 650 Mn Acquisition of Finxact to Power Cloud-native Banking and Personalized Solutions

Key Insights and Signals in Banking & Financial Services

Centre Setup and Expansion
UBS to establish a new Business Solutions Hub in Qatar, creating over 200 jobs
The launch of a Business Solutions Hub contributes to advancing the financial digitization in Qatar. The hub would also serve UBS’s expansion strategy in the Middle East by providing a centralized data and solution platform for regional clients’ services and products. Read More>>
Tatra Banka picks Temenos to transform its fund accounting and investor servicing capabilities
Temenos Multifonds will replace the back-end systems for Tatra Asset Management (TAM) and its pension funds company. Consolidating multiple systems on a single, cloud-native platform will increase scalability, efficiency, and controls while enabling Tatra Banka to accelerate its digitization. Read More>>
Zain KSA, Al Rajhi Bank plan to enhance financial inclusion with emerging technologies 
As part of the agreement, Zain KSA will leverage its technological expertise and human capabilities to upgrade the communication services and expand the connectivity of Al Rajhi Bank’s systems which includes branches, ATM network, and monitoring systems. Read More>>
SABB selects Siemens to supply smart building technology 
As part of the agreement, Siemens will provide smart building services for SABB’s new 30-story headquarters. The Siemens solution includes a workplace experience platform with an employee app, an Internet of Things (IoT) sensor network, systems integration, and energy analytics. Read More>>
Mastercard selects LAB Group to join the Start Path startup engagement program
Start Path convenes banks, merchants, and startups to scale new technology solutions for the financial services and payments industries. Through Start Path, Mastercard will provide LAB Group with operational support, commercial engagement, and the opportunity for strategic investment. Read More>>
Wolters Kluwer, Summit Technology Group collaborate to power end-to-end lending solution 
STG’s lending solutions and Wolters Kluwer’s Expere will enable financial institutions to automate an end-to-end document creation process, including the ability to generate, electronically sign, notarize, and electronically record in participating jurisdictions across the United States. Read More>>
Network International partners with Amazon Payment Services to enhance digital payments for merchants in the UAE
The partnership will provide Network merchants with access to Amazon payment solutions, such as EPP, and enhanced fraud monitoring and enable Amazon Payment Services merchants to benefit from Network International’s acquiring and settlement solutions. Read More>>
RBL Bank partners with Creditas Solutions to automate collections
The partnership aims to utilize Creditas’ Neo Collections platform, a SaaS-based platform, to accelerate efficiency in collections across the loan cycle. The intuitive platform will guide customers with personalized insights to improve their credit score Read More>>
Mergers and Acquisition
Fiserv to acquire Finxact for USD 650 Mn
The acquisition of Finxact is likely to boost Fiserv’s digital banking strategy, expanding the company’s account processing, digital, and payments solutions. The deal will likely close by the end of this year. Read More>>
Equitable Bank to buy Concentra Bank for USD 470 Mn
With this acquisition, Equitable will add approximately USD 11.3 Bn in assets as its scales up its core product lines. The acquisition provides Equitable an opportunity to expand in the credit union system, giving it access to over 200 credit unions. Read More>>
Executive Movement
Natixis IM appoints new heads of UK sales and global financial institutions
Natixis Investment Managers has appointed Darren Pilbeam as head of UK sales and Martin Herbon as head of global financial institutions. Pilbeam will lead the combined UK Wholesale and Retail and UK institutional team, while Herbon will strategize the growth of Natixis IM’s GFI platform globally. Read More>>
Community Bank appoints Matthew K. Durkee as New England President
Matthew K. Durkee will be the Senior VP and New England president of Community Bank. Prior to joining Community Bank, Durkee served as Executive VP and New England president for NBT Bank from 2009-2020. Read More>>
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Latest Industry Insights from Draup Braindesk

  • Barclays partnered with Swift GPI for cross-border payments using blockchain to provide customized and secured payment solutions across different countries. 
  • Admiral Group partnered with SAS to leverage AI in detecting fraudulent claims by applying techniques including automated business rules, text mining, database searches, anomaly detection, and network link analysis. 
  • Virgin Money partnered with Strands to launch an AI-powered money management platform that provides a personalized banking experience through clear insights. 
  • Barclays partnered with IBM for credit card processing automation allowing financial institutions to validate information, conduct background checks, and decide to approve or disapprove an application.


Key Funding Alert

IDFC First Bank raises USD 200 Mn through private placement of Tier-2 bonds  
IDFC First Bank expects strong credit demand in their business lines and intends to utilize this capital to boost their overall growth prospects. With this raise, the capital adequacy of the lender would be enhanced to 16.5 percent. Read more>>

Startup Spotlight

Company – Mesh Payments
Total Funding  USD 63 Mn
About: Mesh Payments provides cardless corporate payments solutions intended for businesses built on the SaaS model. With a tailored solution for every payment, Mesh provides maximum flexibility while saving time and effort at every step of the payment journey. Read more>>

Latest Reports Published in Draup

UBS Group Account Intelligence Report: UBS Group is keen on enhancing its data centers, portfolio services, investment platforms, and financing solutions to modernize the end-user banking experience. UBS Group is also utilizing technologies including AI/ML, Big Data, and IoT for Real-time Trade Monitoring. Read More>>

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