JP Morgan acquires cloud-native payments technology since it modernises its IT infrastructure
- Karl Flinders,Chief reporter and senior editor EMEA
Published: 13 Sep 2022 13: 09
US banking giant JP Morgan has acquired payments fintech Renovite Technologies to aid its technique to put more of its IT in the cloud.
It had been very few years back that large traditional banks showed a reluctance to go systems to the cloud, but today they’re accelerating the procedure through the acquisition of financial technology firms, or fintechs.
Renovite Technologies cloud-native payments technology can be section of JP Morgan Payments and support the banks proceed to cloud-based IT.
JPMorgan said the acquisition would make it achieve its goal to build up the next-generation payments processing platform globally.
Renovites cloud-native merchant acquiring capabilities already are helping us better serve our clients. Because the Renovite platform integrates with JPMorgan Payments, merchant acquiring clients can accept more ways of payments around the world to greatly help grow their business, said Mike Blandina, global head of payments technology at the lender.
Renovite CEO and founder Viren Rana said the fintechs mission was to supply modernised infrastructure in the cloud with the most recent technology.
We have been very pleased with the team and the world-class payment technology weve built and so are excited to participate JPMorgan Payments. Ecommerce may be the natural home for the people and technology, said Rana. We believe the transaction can help us to realise our joint vision to provide world-class payments capabilities globally through next-generation infrastructure for JP Morgan Payments clients.
Renovite is headquartered in California and contains offices in the united kingdom and India.
Information on the worthiness of the acquisition weren’t revealed, nonetheless it is another exemplory case of JP Morgan which consists of financial resources to help keep pace with fintech developments.
Traditional banks want to move from legacy IT systems, which are costly to keep and inflexible with regards to launching new digital offerings, through the migration of systems to the cloud. With large sums of capital, they often times acquire fintechs employed in niche areas to aid this plan.
Banks may also be replacing in-house-developed legacy systems with cloud technology by partnering with fintechs. For instance, JP Morgan Chase, the united states banks retail banking business, is replacing its core system with a cloud-native system from UK fintech Thought Machine. The suppliers Vault platform will enable the lender to make best use of the cloud for core banking.
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