I&M Bank Selects Otoma for End-to-End Payments

I&M Bank, a leading Tier 1 commercial bank headquartered in Kenya, has partnered with Otoma, a provider of AI-native, no-code payments infrastructure, to modernise its end-to-end payments technology and enhance the speed, reliability and efficiency of its payment services.

The new payment hub will help I&M deliver a more seamless and transparent customer experience by reducing failed and duplicate transactions, improving payment visibility and accelerating transaction resolution.

The solution will also strengthen the Bank’s ability to introduce new payment services faster, expand access to payment channels and networks, and offer customers greater choice and convenience while simplifying payment operations.

Jamie Loden, Chief Operating Officer at I&M Bank, said: “We undertook a thorough review of the payments technology market with a clear objective: to move beyond legacy technology and put in place a modern payments platform that can support I&M’s growth ambitions across Africa.

“Otoma gives us the ability to do that with a modern technology approach. By combining genuine no-code capabilities with AI and extensive automation, we can simplify how we build, change and operate payment services, reduce the time and complexity of delivering new capabilities, and respond much faster as our customers, markets and payment ecosystems evolve.”

Otoma was founded by members of the team behind Fundtech, the payments technology company acquired by D+H, which subsequently combined with Misys to form Finastra. Having developed a payment hub that helped define the previous generation of payments technology, the team is now focused on helping banks move beyond the limitations of traditional legacy systems.

Otoma’s AI-native payment hub combines no-code capabilities with end-to-end automation, enabling banks to modernise their infrastructure and retain greater control over payments operations. Designed for rapid deployment and continuous change, the platform allows banks to conceive, build, test and deploy new payment capabilities in near real time, reducing the time, cost and complexity traditionally associated with payments transformation.

Peter Reynolds, CEO of Otoma, said: “We are delighted to be partnering with Jamie and the I&M team on this important transformation. We will begin in Kenya, and we are incredibly excited about the opportunity to support I&M’s broader payments ambitions across the Group as it continues to grow across Africa.

“I&M is another leading bank that has experienced first-hand the constraints of legacy payments technology, particularly the time, complexity and cost involved in making changes. Our mission at Otoma is to fundamentally change that equation, giving banks the technology and control to move at their own speed, innovate continuously and build the payment capabilities they need without waiting on a vendor’s roadmap.”