Digital Transactions Authoritative, insightful and timely information for payments professionals
Finastra, a London-based vendor of digital-banking software, announced Monday it has acquired Malauzai Software Inc., a 9-year-old company based in Austin, Texas. Terms were not announced.
The deal brings to Finastra a company serving more than 350 community financial institutions with solutions for such digital services as mobile remote deposit capture. A mobile RDC app is used by banks to allow customers to snap photos of checks with their smart phones and submit the images for deposit. Malauzai says its base of community institutions collectively serve more than 1 million active monthly users with its technology.
The expansion among U.S. community banks will supplement Finastra’s existing client base as well as its strength among larger financial institutions. The company, which was formed last year out of a merger of the banking-software firms Misys and DH Corp., says its client base includes 48 of the world’s 50 largest banks. At the time of the merger, the company claimed more than 9,000 clients altogether in 130 countries. Toronto-based DH had operated under the D+H brand.
“Credit unions and community banks are the fabric of American financial services. We strive to help them realize the benefits of digital transformation—including being able to deliver outstanding experiences right across their consumer and business customer lifecycles,” said Simon Paris, chief executive at Finastra, in a statement. “Together, our two companies deliver a fully integrated open-core platform for payments, lending, and digital, across Finastra’s 4,500-strong U.S.-based community market customers and Malauzai’s non-core U.S.-based customers.”
