Mexican IT behemoth Softtek has partnered with US Software-as-a-Service (SaaS) banking engine Mambu to launch a banking platform as a service (BPaaS) in Mexico.

The new cloud-based model is “a flexible take on the legacy ‘bank in a box’ concept, which is limited to the technologies provided by only one vendor”, according to a Mambu press release.

“New entrants are using digital technology to meet changing customer expectations as well as reach the large underbanked sector. To succeed, competitors must emulate the operating models of these disruptors and develop the flexibility and speed to market necessary to meet market demands. BPaaS is the optimal model to meet this objective,” said Edgardo Torres-Caballero, Managing Director, Mambu Americas.

Softtek is reportedly delivering “a combination of SaaS and local applications and technologies from multiple vendors on one cloud-native API-enabled BPaaS, powered by the Mambu banking engine”.

“We will offer the best of both companies to our clients. Powered by the global leading Safit aS banking engine Mambu, which provides advanced capabilities and the agility demanded by the financial sector, we have combined this with Softtek’s experience and knowledge of this industry in Mexico in order to provide a complete offering which will help accelerate the transition of our customers to the digital economy without disrupting their existing business,” said Carlos Funes, CEO of Softtek Mexico.

“In Mexico, we have more than 3,000 financial institutions that could potentially benefit from the Softtek-Mambu alliance by bringing to them modern world-class banking technology. With a 100% digital platform that is flexible, scalable and agile, it will enable these institutions to provide innovative cloud-first banking services and credit to its customers in the consumer and corporate market,” said José Luis Sánchez, VP of Financial Sector in Softtek Mexico.

Photo El Economista: Rodrigo Riquelme.