HPS, a provider of mission-critical solutions to the cards and payments industry, has entered into a global services alliance agreement with Indian IT firm Tech Mahindra.

HPS said that its PowerCARD payments technology will now be available to Tech Mahindra’s customers worldwide.

PowerCARD covers the entire value chain of issuing, acquiring and switching in one single payments platform.

The platform will enable Tech Mahindra’s financial institutions and payment processing customers to improve their cards and payments businesses by replacing legacy hardware and software with a single, cost processing effective platform.

HPS managing director Abdeslam Alaoui said: "The collaboration between HPS and Tech Mahindra has been excellent and HPS will continue working with Tech Mahindra to deliver modernization programs in electronic payment for any financial institution that is looking to win market share or escape the technology legacy trap and we look forward to working with Tech Mahindra closely."

Niraj Vedwa, global head -banking, payments and cards at Tech Mahindra, said: "HPS is undoubtedly the leader in payments software and this strategic partnership is extremely important for our market strategy and value proposition as it allows us to introduce a world-class payments processing platform to our customer base around the world."

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