Gresham Technologies, a financial data platform, has acquired payments provider B2 Group for an undisclosed amount.
Through the acquisition, B2 will add cash management and payments integration solutions to Gresham’s product portfolio. As part of the transaction. B2’s senior leadership and staff will join Gresham and will operate under a new unit Gresham Cash Management Solutions.
B2’s Luxembourg office will be a Central European hub for Gresham to drive its growth.
Other benefits of the deal include 15 new customers (corporates, banks, insurers, and asset managers) to Gresham’s customer base, a larger continental Europe footprint, and support for the existing accounts receivables management and transaction control divisions.
B2 is a bank-to-corporate integration solution and cash management software provider. The platform connects asset managers and corporates with their banks to provide them with real-time visibility of funds, control over outgoing payments, and automated invoice processing.
London-based Gresham is a data integrity platform that provides organisations with financial controls, risk tools, data management and regulatory compliance software. The platform aims to give a wholistic financial control to enterprises.
The platform helps businesses to keep compliant with MiFID II, FINRA, OATS, LOPR and SMR, through the use of tools that can automatically verify data and gives users real-time visibility and reporting.
Gresham CEO Ian Manocha said, “We’re delighted to be announcing today’s acquisition of B2 Group. This exciting combination creates an industry leader in multi-bank integration and control solutions for corporates, banks, insurers and asset managers, it strengthens our cloud capabilities and gives us a platform to further accelerate our growth.”
There have been a series of higher value acquisitions in the payments space this year. Earlier in the year, PayPal made a $2.2bn acquisition of POS developer iZettle, while European payments company Worldline bought SIX Payment Services for €2bn.
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-100x70.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")