Pitney Bowes Partners with Genpact to Leverage Best-in-Class Digital Technology Platform for Financial Services Business
Wheeler Financial™ from Pitney Bowes Launched to Provide Equipment Financing to Small and Medium Businesses
NEW YORK & STAMFORD, Conn., March 19, 2019 - Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, finance, and data, today announced a partnership with Genpact (NYSE:G), a global professional services firm focused on delivering digital transformation. This innovative partnership allows Pitney Bowes to leverage a best-in-class digital technology platform to expand its lending capabilities.
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Through Genpact’s business-process-as-a-service (BPaaS) capability, one of the first of its kind in the equipment finance market, Pitney Bowes’ will offer its clients a unique, state of the art equipment finance platform. This managed services operating model will allow Wheeler Financial, which Pitney Bowes launched today, to scale quickly and meet market and customer needs in a flexible and agile manner. Wheeler Financial will help clients purchase new equipment and services critical to the industries in which they operate with loans, leases, and other financial structures.
“Pitney Bowes has the reach, distribution, and capital to continue to invest in the needs of our clients,” said Marc B. Lautenbach, President and Chief Executive Officer, Pitney Bowes. “Our partnership with Genpact gives us a digital technology platform and innovative business model to deliver a cost efficient, seamless customer experience. We are building a stronger future together with our clients for mutual growth.”
Genpact brings its decades-long operations experience in equipment finance to provide digital technology, process expertise, and portfolio and customer operations support. Through its digital business platform Genpact Cora, Genpact is committed to transforming and innovating the technology that supports the equipment finance market, leveraging advanced technologies such as artificial intelligence and robotic process automation.
“Equipment leasing is a dynamic industry with changing market conditions that demand agile, efficient operations—especially critical to meet the needs of small and medium sized business that often operate on tight margins,” said NV "Tiger" Tyagarajan, Genpact President and Chief Executive Officer. “The innovative BPaaS model we are creating with Pitney Bowes leverages digital technology and advanced analytics to provide faster and better access to data enabling smarter, quicker, and more strategic asset financing decisions along with superior customer experience.”
Focused on financing for equipment beyond what Pitney Bowes manufactures, Wheeler Financial provides flexible financing solutions for multiple needs of small and medium businesses and is committed to investing in clients’ sustainability and growth.
“Continuing our history of innovation, we are taking a new approach to the equipment finance market,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services. “In partnering with Genpact, we can access both digital, best in class technology, and managed services that allow us to be more agile and cost efficient in the marketplace. This allows us to gain scale efficiently to meet our client's needs. This partnership adds an important additional dimension to our competitiveness.”
Pitney Bowes Financial Services has been providing commercial lending opportunities and solutions to purchase Pitney Bowes equipment for more than 30 years; financing over $10B to date. The Pitney Bowes Bank, Inc., Member FDIC, resides in Salt Lake City, Utah and was established in 1997 to facilitate buying of U.S. postage – a form of currency. Pitney Bowes clients can access extended lines of credit for postage, supplies, shipping expenses and postal equipment rental. In addition, they can hold deposit accounts and earn interest while they prepay for postage services.
Pitney Bowes is continuing to reinvest in its financial services business as it makes resources available to its significant small and medium business client base. The company has facilitated commerce for nearly 100-years and is committed to having a positive impact on local communities and jobs.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; location data; customer information and engagement software; services; and financing. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.
About Wheeler Financial from Pitney Bowes
Wheeler Financial™ from Pitney Bowes is a subsidiary of the Pitney Bowes Bank, member FDIC, dedicated to helping small to lower middle market clients acquire the critical assets they need to grow and expand their business with innovative financing solutions. The Pitney Bowes Bank, together with Pitney Bowes, has been leasing Pitney Bowes equipment for over 20 years. Our expansion into helping our clients finance other purchases reflect our continued commitment to helping our customers grow efficiently and effectively.
Genpact (NYSE:G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes primarily for Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 87,000+ of us. From New York to New Delhi and more than 25 countries in between, we connect every dot, reimagine every process, and reinvent companies’ ways of working. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we’ll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.