IBM buys Expertus to enhance Cloud-based digital payments

IBM has acquired Montreal-based fintech company Expertus Technologies in order to enhance digital payments solution business. Financial details of the deal were not disclosed.
Expertus, founded in 2001, offers payment-as-a-service cloud solutions to banks, credit unions and enterprise players. Expertus processes over $50 billion its platform daily. Jacques Leblanc is the CEO and founder of Expertus.

“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,” said Mark Foster, senior vice president at IBM Services.

IBM aims to gain consulting experience to address the payment modernisation challenges of financial institutions, which are part of the more than $100 billion consulting and business process services opportunity in banking and financial markets over the next few years.

Expertus is now part of IBM Global Business Services, following its previous alliance with IBM Payments Center Canada.

IBM will consolidate Expertus’ Payments Platform as a Service offering and build on SWIFT processing services and capabilities, which enable a global network of 11,000 financial institutions in more than 200 countries to send and receive information about financial transactions.