Finastra
Transforming finance through open innovation

Fusion Essence For Neobanks: Taking FinTech To a New Level

Friday, August 16, 2019

New regional “neobank” to execute the Fusion Essence in the cloud to power end-to-end digital banking capabilities for seamless workings.

FREMONT, CA: Fusion Essence, a cloud-based end-to-end core banking service, is now empowering the Manchester-based neobank for regional businesses and savers in the UK. Finastra’s fusion essence will support the revverbank as it launches its services to SMEs and retail savers in the UK. The bank provides them maximum flexibility and scalability to expand their businesses.

Finastra signs global agreement with Microsoft to accelerate trade platform modernization

Friday, September 22, 2023

The agreement will deliver one of the leading global documentary trade and supply chain finance platforms – Finastra Trade Innovation, running on Microsoft Azure

LONDON, -- Finastra announced a multi-year global agreement with Microsoft focused on trade platform modernization, building on the existing availability of Finastra Trade Innovation in the cloud. Delivering the full functionality of Trade Innovation via a full microservices architecture using Microsoft Azure, will give banks increased agility, flexibility and scalability, enabling them to continue to provide service excellence to customers throughout their modernization journey.

In response to the changing expectations of corporate clients, financial institutions must provide a smooth and captivating transactional experience in both trade finance and supply chain finance sectors to support open finance. An additional expansion of the open APIs offered by Trade Innovation, combined with Finastra's open innovation platform, FusionFabric.cloud, will enable customers to tap into a dynamic digital trade network, facilitating the digital transformation of the entire transaction process.

"Partnering with Microsoft builds on our joint strategic vision to help accelerate the digital transformation of financial services, and support customers on their journeys to be open," said Isabel Fernandez, Executive Vice President for Lending at Finastra. "Customers are eager to transform their trade finance and supply chain offerings, and to access the latest innovations, working with partners across the ecosystem. Via this agreement, existing and new customers will benefit from increased flexibility to connect, collaborate and adapt to evolving customer needs and new regulations."

Bill Borden, Corporate Vice President, Worldwide Financial Services, Microsoft added: "We're excited to deepen our relationship with Finastra to support banks on their trade modernization journey. Using the rich functionality of Finastra's Trade Innovation platform and FusionFabric.cloud, combined with the power of Microsoft Azure and data and AI advancements, we look forward to helping financial institutions further accelerate innovation, increase efficiencies, enhance customer engagement and transform their operations at scale."

Finastra Trade Innovation was recognized once again as "Best in Class" in the Aite Matrix of Trade Finance Software (Feb 2023) from Datos Insights (formerly Aite-Novarica Group). Enrico Camerinelli, Strategic Advisor at Datos Insights said: "The decline of manually intensive and paper trade finance operations, the continued growth of supply chain finance, and the rise of fintech players are encouraging banks to transform the status quo with API-based open banking, artificial intelligence, and data analytics. To achieve this, banks need modern, open systems and the support of industry leaders in this space, supporting them on their transformation journeys."

Finastra and ELCY partner to bring Corporate Trade Finance Portal to market

Wednesday, October 18, 2023

LONDON, -- Finastra, a global provider of financial software applications and marketplaces, is partnering with ELCY, a specialist in e-commerce solutions for the processing of international trade finance, to provide a trade finance solution for corporates.

The Corporate Trade Finance Portal from Finastra and ELCY will enable corporates to communicate in a secure and authenticated manner with all their banks through one centralized platform. As a result, corporates will benefit from greater visibility and real-time control of all trade finance exposures across their organizations. The transition away from the complexity of connecting to multiple bank proprietary systems and the removal of inefficient paper-based processes will also deliver significant cost and efficiency savings.

"Finastra is thrilled to build on our long-term relationship with ELCY through a global collaboration that creates immediate value for both parties," said Jaime Lynn, Vice President, Enterprise Solutions, Finastra. "ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitization needs of banks focused on international trade and supply chain finance. Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal. Corporate users benefit from much greater visibility and control in managing their cash flow and trade finance exposures and in reducing risk."

Robin Cohen, Chief Executive Officer, ELCY added: "Our partnership with Finastra will further increase our visibility and reach in the market, helping us deliver the benefits of our multi-bank portal solution to corporates globally. Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing. All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time."

The Corporate Trade Finance Portal is available as a cloud-based, multi-tenant SaaS solution meaning no software installation is required on site and all users benefit from the ability to adapt quickly to new market requirements through centrally-managed software upgrades.

Finastra’s Filogix unveils automated lender note capabilities, powered by Gen AI

Tuesday, March 05, 2024

London, UK – Finastra’s Filogix team has unveiled new generative AI (Gen AI) capabilities in its Expert Pro Canadian Mortgage Point of Sale (POS) solution. The function automates the creation of borrower narratives (notes) that aids in lender underwriting – streamlining processes, saving time and minimizing errors for brokers.

With just a single click, users can generate a comprehensive summary of the mortgage deal, covering all the relevant criteria. The content can be reviewed, edited and then sent for underwriting much faster, as compared to the traditional manual process. Content can be auto-composed in English or French, and brokers can choose the format and which elements of the mortgage application to include for a more tailored and personalized experience.

Jonathan Wootten, Head of Filogix at Finastra said, “We’re very proud of this significant milestone. As a leader in financial technology solutions, we are committed to harnessing the power of Gen AI to enhance our own business processes, as well as to bringing exciting innovations to our customers. In our recent annual survey, 83% of financial services professionals said that their institution is interested in Gen AI. This mirrors the enthusiasm we see in the marketplace for the new functionality in our Expert Pro solution for brokers. We look forward to continuing to bring our customers opportunities to tap into the innovative and transformative technology that is Gen AI.”

The auto-compose functionality has a secure private model at the core, which stands out from other systems built around public models.

Filogix Expert Pro allows mortgage professionals to centralize their business through workflow optimization, resulting in improved consumer experience, more time to manage new opportunities, and funding deals faster. Click here for more information.

Finastra Reimagines Digital Experiences with Next Gen Mobile Banking

Thursday, May 02, 2024

The enhanced banking application empowers community banks and credit unions to remain competitive, offering a seamless user experience across multiple platforms and new features for account holders



LAKE MARY, Fla.,:Finastra, a global provider of financial software applications and marketplaces, announced the availability of its latest mobile banking software, Next Gen Mobile Banking, a new digital banking experience for community banks and credit unions. The advanced mobile banking application provides a seamless user experience, offering financial institutions customization options and enhanced security features.



This comes as community financial institutions strive to maintain and grow market share in a competitive and consolidating landscape, which requires cutting-edge mobile banking offerings – particularly when it comes to obtaining the rising generations of account holders. With Next Gen Mobile Banking, Finastra empowers community banks and credit unions with features likely to appeal to customers and members of all ages, such as the app's built-in personal financial management tools, with which financial institutions can offer account holders easy access to budget planners and more.



"Climate First Bank is a unique and digitally-driven financial institution, which means we need the right tools to support our growth and to give our customers the digital experience they expect and deserve," said Marcio de Oliveira, executive vice president, chief technology and digital banking officer at Climate First Bank. "This new app enables us to provide a seamless, personalized, and easy to use mobile banking experience that supports our vision of reimagining finance as a force for good. We're grateful to be an early adopter of Finastra's new solution, and we look forward to working with our customers across both personal and business segments to take advantage of everything it has to offer."



As bad actors become increasingly sophisticated, preventing fraudulent activity is only more pressing for community financial institutions today. Next Gen Mobile Banking provides banks and credit unions with enhanced security features like Passkey Authentication, which offers seamless and robust protection against phishing and other threats. The expanded authentication method means that credentials cannot be guessed, intercepted, or reused, strengthening the overall security for the user. User Trusted Device Management is also enabled in the application, which offers account holders transparency and trust while mitigating unauthorized access to personal information.



"Finastra has delivered sophisticated digital experiences for many years, and this enhancement marks our commitment to creating solutions that provide community banks and credit unions with the features and security needed to help them stay ahead of the competition," said Narendra Mistry, chief product and technology officer, Universal Banking at Finastra."With Next Gen Mobile Banking, our customers can deliver an innovative and sophisticated user experience that is tailored to the unique needs of the communities they serve."



Other key features of Next Gen Mobile Banking include:



Recognizing that each financial institution in the United States is unique, the solution offers a selection of interface templates, providing each institution with the power to personalize the mobile experience and to tailor the application to their specific needs.

The solution was developed cross-platform, allowing for faster development cycles and easier deployment across different mobile operating systems.

Since the application is built using a single codebase, a seamless user interface is available across both iOS and Android devices, enabling a consistent brand identity and customer experience for account holders. The unified code base also allows for rapid updates, enabling financial institutions to deliver the latest enhancements and features quickly and efficiently.

Next Gen Mobile Banking is now deployed for financial institutions participating in Finastra's pilot program. The application is expected to be available for all Finastra Phoenix consumer banking customers in mid-2024.