Finastra, a technology vendor for financial institutions, has joined forces with Hexaware Technologies to speed up digital payments for European banks.

The tie-up is aimed at offering end-to-end, cloud-enabled payments-as-a-service (PaaS) to mid-sized banks in the UK, Ireland, Germany as well as Belgium.

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It intends to help lenders reduce operational costs and stay competitive.

Under the partnership, Hexaware will serve as a managed service provider (MSP) for Finastra’s payments solutions. It will manage payment licences, support implementation, hosting and maintenance services.

Additionally, it is expected help lenders keep pace with regulatory changes.

Hexaware corporate vice president and global head of banking Chinmoy Banerjee said: “Finastra’s strong payments offering enables our vision to help banks modernise and extend their digital footprint, by bringing their data infrastructure and applications to the cloud in an extremely fast, cost predictable, secure and co-engineered manner.

“Payments is a key focus area for Hexaware over the next three to five years. Our aim is to increase our service’s footprint through enhanced product competencies and establishing synergistic fintech partnerships, like that we have with Finastra.”

Finastra SVP and general manager payments Oren Marmur said: “The partnership was formed based on a shared goal to bring greater value for our banking customers, across payment product capabilities and technology services deployed in the cloud. We are delighted to collaborate with Hexaware to help selected banks across Europe offer digital payments.”

Earlier this year, Fiserv launched a cloud-based customer relationship management (CRM) platform called Enteract to help banks improve sales.