IT consultancy major Cognizant has snapped up yet another financial technology vendor, this time an Irish company called Meritsoft.
Dublin, Ireland-based Meritsoft owns an automation solution called Finbos that helps financial institutions manage taxes, fees, commissions, and cash flow functions. In other words, the platform helps banks improve operational efficiency, control costs and comply with regulatory requirements.
Reports say Meritsoft’s products are currently used by five of the world’s eight leading investment banks. Financial details of the transaction were not disclosed.
Both the firms were in fact working together. Cognizant has integrated finbos platform into its managed services and digital operations products.
The Irish firm also runs an office in New York, where a few Wall Street banks are its clients.
“Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their businesses for the digital era,” said Sean Middleton, President, Cognizant Accelerator.
Banks and other financial services firms are increasingly arming themselves with new digital solutions in the face of increased compliance and regulatory obligations.
Therefore, Cognizant is continuously snapping up startups with unique fintech offerings. Earlier in January this year, it acquired a Nordic technology services provider Oy Samlink Ab, winning a mega contract to build and operate a shared core banking platform for three major banks in Finland.