Finastra and Tesselate announced the launch of an end-to-end pre-packaged service for faster and easier trade finance digitalisation. Tegula Trade Finance-as-a-Service, powered by Finastra Trade Innovation and Corporate Channels, enables US banks to automate manual processes and adapt to new demands with a quicker time to market and value. Via Finastra’s FusionFabric.cloud, banks can also seamlessly integrate fintech applications that use the latest technologies such as artificial intelligence, blockchain, and automation tools.
Corporate Channels is a digital banking platform that provides banks with a single portal to unify trade, cash, supply-chain finance, lending, and treasury services for corporates. Trade Innovation is an end-to-end solution for frictionless trade and supply chain finance that uses straight-through processing, digitisation, and data analytics to support growth and agility. Tegula is a scalable, cloud-hosted and fully-managed Trade Finance-as-a-Service platform that can be easily integrated within a bank’s organisation. The combined cloud-based service and access to Finastra’s wider fintech ecosystem means US banks can future-proof their business, increase revenue streams, expand into new markets, and strengthen security.
Officials from Finastra said that trade finance is a complex industry that is still reliant on manual and often fragmented processes. Their combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership. Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services.
Also commenting on this partnership, Tessellate officials stress the challenges of adopting new technology for banks and highlight their joint solution with Finastra, which offers a secure managed service without requiring significant investments or diverting resources from core activities. This approach enables banks to implement digitalisation modularly, ensuring ongoing updates and enhancements while accelerating trade finance digitalisation for banks of any size.
Finastra is a global provider of financial software applications and marketplaces, and launched the open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing software solutions and services across lending, payments, treasury & capital markets, and universal banking (retail, digital, and commercial banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking-as-a-Service.
Tesselate has more than a decade of experience in consulting and managing technological projects dedicated to the financial sector, with an in-depth expertise in corporate banking, risk management, capital markets, and asset management. Tesselate Group offers a deep experience in managing complex projects, helping financial institutions to meet organisational and operational changes to support business growth. Their consultants have a deep understanding of banking processes and implement cutting edge technology to streamline banking operations. Tegula Trade Finance-as-a-Service is the brand of Tesselate Group.
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