Banco Sofisa partners with Finastra

Tuesday 9 May 2023 11:17 CET | News

Banco Sofisa, a Brazil-based financial institution, has partnered with Finastra to implement Vector Risk, a market and credit risk solution.

Banco Sofisa has partnered with Finastra to streamline its risk management strategy for new products using the cloud-based Vector Risk solution. The tool, delivered via Finastra's and hosted on Microsoft Azure, enables the bank to deploy the solution quickly and efficiently without impacting its IT resources.

Banco Sofisa, a Brazil-based financial institution, partners with Finastra to implement Vector Risk, a market and credit risk solution.

After establishing a derivatives desk in 2022, Banco Sofisa required a risk management solution to support its new product strategy. The bank consulted Finastra and chose Vector Risk due to its ability to go live within just 30 days. Vector Risk's modules automate manual processes and offer connectivity with internal data sources, freeing up time and resources for the bank.

Banco Sofisa will leverage Vector Risk's SaaS solution to automate Value at Risk (VaR), Potential Future Exposure (PFE), and Credit Valuation Adjustment (CVA) modules, with the flexibility to launch additional modules within a day. By testing the solution in production, the bank could select the right modules for its business and ensure operational readiness. This partnership underscores Banco Sofisa's commitment to digital transformation and its adoption of cutting-edge solutions to drive business growth.

Banco Sofisa’s road to digitalisation

The partnership with Finastra benefits Banco Sofisa by providing the bank with access to a broad range of financial technology solutions, enabling it to expand its digital offerings, streamline its operations, and offer more personalised banking products and services to its customers. These benefits help to position Banco Sofisa as a competitive player in the Brazilian banking market and improve its overall performance and growth prospects.

Banco Sofisa has been actively investing in technology to improve its operational efficiency and customer experience. The bank has adopted advanced data analytics and artificial intelligence tools to better understand its customers' needs and preferences and to offer personalised banking services. This technological investment has helped the bank to streamline its operations, reduce costs, and improve its overall performance.

Banco Sofisa's latest developments, including the launch of its digital platform, its focus on sustainability and responsible banking practices, and its investment in technology, have helped the bank to expand its customer base, enhance its reputation, and improve its performance. These developments are likely to continue to have a positive impact on the bank's future growth and success.

Finastra’s latest partnerships

Finastra’s suite of financial technology solutions covers a wide range of banking activities, from lending and payments to treasury and risk management. These solutions are also integrated, enabling financial institutions to manage multiple functions on a single platform, reducing complexity and increasing efficiency. This leads to the company’s several partnerships that aim to enhance its product offerings and expand its reach in the financial services industry.

One of Finastra's most recent partnerships is with Plaid. The two companies have teamed up to provide financial institutions with access to a suite of account verification tools that make it easier and more secure for consumers to link data from their main financial institution with external financial apps and services. The solution will leverage Finastra's open platform to provide a range of banking services, including payments, lending, and treasury management. This partnership will enable Finastra to expand its offerings to customers and enhance its digital capabilities.

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Keywords: banks, partnership, risk management, financial institutions, cloud
Categories: Banking & Fintech
Companies: Finastra
Countries: Brazil
This article is part of category

Banking & Fintech


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