IBM acquires Canadian company in boost for payments offer

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Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • IBM, which is one of the world’s best-known computing firms, has announced the acquisition of the Canadian firm Expertus Technologies as part of its push to enhance its position' to 'as part of a wider plan to enhance its position.
  • Expertus, which has more than 1,000 financial services institutions on its books, will now offer its consultancy expertise to IBM and, as a result, its customers.
  • A senior figure at IBM said that Expertus’ product offering is designed to help companies strike the right balance between providing services and ensuring that they are meeting their regulatory obligations.

Computer company IBM has announced the acquisition of a financial technology company based in the Canadian city of Montreal.

The move will see Expertus Technologies become part of the IBM group, and will allow IBM to expand its payments solutions offer to its customers.

Expertus is believed to have over 1,000 organisations in its client base at the moment.

Its payments platform currently gets through more than US$50bn each day, it is believed.

When it is owned by IBM, it will be able to provide its consultancy services to customers of IBM.

IBM is also planning to boost its integration management function thanks to the acquisition.

According to a leading figure at IBM, it is important for financial services companies to ensure that they have a proper system of regulation adherence in place.

Mark Foster, who serves as senior vice president at IBM Services, said that firms ought to “balance” that with digital payment demand.

“Financial institutions must balance greater demand for secure digital solutions while complying with rapidly evolving regulation,” he said.

He added that Expertus’ products offered the chance for cloud-based online money transfer payments to be transformed.

“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,” he said.

Expertus will be subsumed into the IBM Global Business Services vertical.

On Expertus’ part, a spokesperson said that the company had always been forward thinking.

Jacques Leblanc, who founded Expertus and serves as its chief executive officer, said that the company had been responsible for providing trustworthy services in the past.

“Expertus built an efficient and trusted financial services enterprise, that in many ways, was ahead of its time,” he said.

Now that the two companies are collaborating, he claimed, the end result would be benefits to clients.

“Together with IBM, we now can offer businesses worldwide the benefits and security of seamless end-to-end financial transactions,” he said.

IBM has been acquiring firms across the world recently.

It recently purchased a firm called TruQua, for example, a move that is set to enhance IBM Global Business Services’ offer.

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