Commercial Payments International

As the race of commercial payment companies has become more and more competitive, companies are trying to partner or acquire other companies in order to set their foot in this competitive payments space.

Last month, IBM announced that it has acquired a Montreal-based payments company, Expertus Technologies. According to IBM, this acquisition will ‘strengthen its 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.

Adding further he said, “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.”

With this acquisition, IBM will gain consulting experience from Expertus Technology which will help them to address ‘payment modernization challenges of financial institutions’. It will also expand IBM’s finance industry depth and ability to manage complex integrations.

Expertus Technologies work in cloud solutions for the financial services industry which is a network of 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, the press release noted. It is also one of the largest North American services bureaus of the SWIFT.