IBM buys Canadian fintech Expertus to bolster payments offerings
IBM has acquired Canadian fintech, Expertus, to bolster its electronic-payments capabilities.
IBM notes on a statement that the acquisition strengthens its portfolio as an end-to-end digital payments solution provider, and further advances its hybrid cloud and artificial intelligence (AI) strategy.
“Financial institutions must balance greater demand for secure digital solutions while complying with rapidly evolving regulation,” says Mark Foster, senior vice president at IBM Services.
“Expertus’ Payment-as-a-Service (PaaS) 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.”
It claims that Expertus has more than 1,000 entities including banks, credit unions, regulatory agencies and corporates around the globe processing an average of over $50 billion daily on its payments platform.
Expertus is also one of the largest North American services bureaus of Swift, the vast network used by banks and other financial institutions to manage money transfers and treasury transactions.
IBM adds that the acquisition also expands its 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.
It notes that the TruQua acquisition bolstered IBM Global Business Services’ cloud application modernisation and finance transformation expertise.
“Expertus built an efficient and trusted financial services enterprise, that in many ways, was ahead of its time,” says Jacques Leblanc, CEO and founder of Expertus. “Together with IBM, we now can offer businesses worldwide the benefits and security of seamless end-to-end financial transactions.”
“IBM and Expertus’ long-standing partnership is a great foundation upon which to deepen our relationship,” adds Leblanc. “As a home-grown Montréal company, we are proud to bring our offering as well as our commitment to customers to a new level and to a broader market.”
Expertus will join IBM Global Business Services, following its previous successful alliance with IBM Payments Centre Canada.
IBM will consolidate Expertus’ PaaS offering and build on Swift processing services and capabilities.
Financial terms of the deal weren’t disclosed.