UiPath Inc. and Finastra Ltd. today announced a partnership focused on making it easier for companies in the financial sector to adopt robotic process automation.
Publicly-traded UiPath is a leading provider of robotic process automation, or RPA, software. The company’s software can observe how workers perform a given task in a business application and create a bot that is capable of performing the task automatically. RPA allows companies to reduce the amount of time that their workers have to spend on repetitive business chores, while lowering the risk of errors stemming from human error.
London-based Finastra is a major provider of software for the financial sector. Its products are used by 90 of the world’s top 100 banks, as well as more than 8,000 other financial firms. Finastra is a portfolio company of Vista Equity Partners, a technology-focused investment firm that is currently in the process of taking Citrix Systems Inc. public for $16.5 billion together with other investors.
As part of the partnership announced today, UiPath will make the capabilities of its RPA platform available as a managed service to Finastra customers. The service will draw on the “security and compliance of cloud-based infrastructure from Finastra”, the companies stated. UiPath and its partners are set to provide customers assistance with software implementation, maintenance and management.
Finastra will integrate UiPath’s technology directly with some of its software products as part of the partnership. Finastra provides a broad portfolio of software products designed to help financial institutions with tasks such as processing payments, managing assets and finding opportunities to increase the efficiency of their business operations.
UiPath and Finastra argue that the new offering will be particularly valuable for midsize financial institutions.
Midsize banks and credit unions are “sometimes not serviced by large system integrators or platform vendors, leaving these organizations to figure out automation on their own,” said Nitin Purwar, the senior director of banking and financial services at UiPath. “With our Automation as a Service offering within Finastra, customers already using Finastra solutions can now tap the power of the UiPath end-to-end automation platform and automate with speed, scale, and support.”
The collaboration with Finastra is the latest in a series of product-centric partnerships that UiPath has announced over the last few months. Previously, it debuted an integration that allows users of QlikTech International AB’s popular business intelligence software to streamline their work with RPA bots. Earlier, UiPath teamed up with Alteryx Inc. to help joint customers incorporate RPA bots into data analytics projects and automate repetitive tasks.