Zafin Forges Core Systems Partnership with DXC

DXC Technology and Zafin have announced a partnership that will bring a standard connector between the former’s, Hogan core system and Celeriti’s digital banking front-end, and the latter’s product and pricing control solutions, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

The tie-up would enable the Hogan and Celeriti user base to externalize product and pricing control, thereby accelerating speed-to-market for new solutions, with additional capabilities such as relationship pricing and better control and governance.

The Hogan and Celeriti systems were derived from the CSC part of the merger with the Enterprise Services business of Hewlett-Packard that created DXC Technology in April 2017. They now reside within a DXC subsidiary, DXC Celeriti (CeleritiFinTech until recently). The Hogan system is one of the oldest on the market, launched as a mid- to high-end retail offering at the end of the 1970s. There is now a fairly small, largely US-centric user base.

Phil Walton, vice-president and general manager, DXC Celeriti, said: “We’re always looking for ways to help our clients meet the ever-increasing expectations for personalized banking services. Zafin enhances the relevance, precision and agility of their pricing strategies.”

Toronto-based, Zafin, was set up in 2002 and earlier this year raised $17.2 million in private growth financing led by Vistara Capital Partners, Beedie Capital and Accenture Ventures. It claims 30+ retail and commercial banks as clients.

Zafin demonstrated its enterprise banking platform at FinovateFall 2017.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

New Investment in Zafin to Drive Innovation in Financial Services

Financial services software provider Zafin picked up $17.2 million in funding this week. The Series B round, led by Accenture Ventures, Beedie Capital, and Vistara Capital Partners, takes the company’s total financing to more than $47 million, and follows Zafin’s partial acquisition and strategic alliance between the company and Accenture announced in December.

In a statement, the company said the funding will help it “fully execute” its business plans, including expanding market share worldwide. Zafin founder and Group CEO Al Karim highlighted four areas – open banking, core transformation, AI, and machine learning – where he believed the company and its investment partners can deliver value.

Zafin’s technology powers strategic pricing, product, and customer strategies to help FIs increase profitability, deliver more personalized services and solutions, and compete more effectively. Alan McIntyre, head of Accenture’s global banking practice, praised Zafin’s offerings, noting how the company helped “financial institutions to improve pricing, personalization, and product make-up without having to replace their legacy systems.” McIntyre said this was especially important “for many of those not among the top ten players in the market.”

Vistara Capital Partners founder and managing partner Randy Garg was impressed by the company’s traction. “Zafin’s innovative solutions have become increasingly known amongst global banks as the sector continues to go through its technologically driven evolution,” Garg said. “Over the past several years of our involvement, it has been very satisfying to see the levels of adoption taking place with many of the world’s most discerning bank customers.”

Zafin demonstrated its miRevenue Enterprise Banking platform at FinovateFall 2017. The company was recognized by Deloitte as one of the fastest growing companies in Canada in 2016, and today has more than 40 global banking customers in the U.S., Canada, Europe, and Asia. Zafin was founded in 2002, and is based in Toronto, Ontario, Canada.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Accenture Acquires Select Assets from Banking Software Platform Zafin

Digital banking platform provider Zafin and global professional services company Accenture have forged a new relationship that is both a strategic alliance and an acquisition. The companies have announced a “joint go-to-market strategy” that will make Accenture the preferred integrator of Zafin’s financial platform. And by bringing on “select employees” from Zafin’s professional services business, Accenture also gains the technical integration and development capabilities it needs to enhance its own financial services offerings.

For Zafin, the alliance and acquisition gives the company the opportunity to “focus squarely on product innovation and technology” said CEO and founder Al Karim Somji. He added that the partnership also provides the Toronto, Ontario, Canada-based firm with “rapid scalability.”

“We are particularly proud of the work we’ve done with our clients globally,” Somji said, “and expect our expanded relationship with Accenture to enable us to accelerate our momentum in the market.”

Zafin offers financial institutions around the world technology that drives relationship pricing, bundling, and rates management strategies. The company’s platform enables financial institutions to boost revenue and efficiency by upgrading legacy infrastructure which, among other benefits, helps them improve client engagement via solutions and services that deliver greater customization for consumers and greater profitability for banks.

Head of Accenture’s global banking practice Alan McIntyre blamed legacy IT systems for the inability of many FIs to modernize the customer experience, and pointed to Zafin’s technology as a solution. “Zafin’s software enables financial institutions to improve their pricing, personalization and product configuration without having to replace their legacy systems,” the senior managing director said.

Zafin demonstrated its miRevenue enterprise banking platform at FinovateFall 2017. In May of this year, the company announced a partnership with Celero, an IT solution provider for credit unions. In April, Zafin inked a strategic partnership with the Empire Startups, a  global community of fintech entrepreneurs, investors, and innovators.

Named one of Canada’s 50 fastest growing companies in 2016 by Deloitte, Zafin has more than 40 global banking customers in the U.S., Canada, Europe, Asia, and India. The company was founded in 2002, and raised $30 million in funding previous to the alliance and acquisition by Accenture.

With clients in more than 120 countries, Accenture offers a wide variety of strategy, consulting, technology, and operations services and solutions. The company partnered with mBank at FinovateFall 2013 to demonstrate the Polish bank’s next generation online banking platform. Accenture was founded in 1989, and is headquartered in Dublin, Ireland. With a market capitalization of $106 billion, Accenture trades on the New York Stock Exchange under the ticker “ACN.”

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Zafin Unveils New Pricing and Governance Solution for Corporate Banking

In the words of Adam Nanjee, SVP for Digital Banking at Zafin, today’s announcement on the launch of Zafin Client Offer Management is the product of “fifteen years of domain expertise and collaboration” with the company’s clients and partners. “We are proud to release another avenue for our corporate banking clients to drive more revenue, create operational efficiencies, and expedite digital deployments,” Nanjee said.

Designed for Relationship Managers at Tier 1 banks, Zafin Client Offer Management enables them to test and analyze “what-if” pricing models in real-time without needing technical expertise or IT involvement. The cloud-based platform automates manual, often spreadsheet-based processes and works seamlessly with legacy banking systems to create efficiencies and reduce costs for banks.

Adam Nanjee, Zafin SVP for Digital Banking, demonstrating miRevenue Enterprise Banking Platform.

“Zafin’s platform is trusted by several Tier 1 corporate banks to enhance revenue and service their clients effectively,” Dinesh Krishnan, MD of Global Product Development at Zafin said, adding that the platform has been designed “from the ground up to suit the needs of our corporate banking clients.” Client Offer Manager, which helps FIs ensure profitability by linking pricing to specific performance metrics, is currently deployed with a Tier 1 bank, according to Zafin’s announcement.

Founded in 2002, Zafin demonstrated its miRevenue Enterprise Banking platform at FinovateFall 2017. Earlier this year, the company was a finalist for PwC’s Vision to Reality Innovator of the Year competition. Headquartered in Toronto, Ontario, Canada, and with offices around the world, Zafin’s global banking customers include HSBC, Barclays, Standard Chartered, TD, and National Bank of Abu Dhabi.  The company has raised $30 million in total funding and includes Vistara Capital Partners, Kayne Partners, and Kayne Anderson Capital Advisors among its investors.

FinovateFall Sneak Peek: Zafin

A look at the companies demoing live at FinovateFall on September 11 through 14 in New York. Pick up your tickets today and save your spot.

Zafin’s enterprise banking platform spans across global and regional banks’ retail and commercial groups, managing dynamic multi-product offerings, real-time pricing and billing, loyalty, and analytics.

Features

  • Dynamic multi-product offerings in retail and corporate banking environments
  • Real-time pricing, billing and cash management
  • Fully-segmented analytics and loyalty platform

Why it’s a must-see
Zafin’s enterprise banking software is platform-agnostic, spanning various retail and corporate banks.


Presenter

Adam Nanjee, SVP, Digital Banking
Nanjee is Zafin’s SVP of Digital Banking. Prior, he built Canada’s largest fintech innovation hub, ran digital at Mastercard Canada’s digital payments group, and ran eComm for BlackBerry.
LinkedIn

 


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