Finastra helps Union of Arab Banks with digital banking solutions

Monday 21 March 2022 14:07 CET | News

Finastra, a financial software firm, has announced its collaboration with Union of Arab Banks to help banks across the Arab League member states offer digital services to their customers.

The partnership combines Finastra’s universal banking solution with Union of Arab Banks’ ecosystem of banks. The resulting model digital bank, which will be conceptualised, created, and developed by Finastra and UABdigital, the Union’s digital arm, will be licensed to Union of Arab Banks members to help them accelerate digitalisation while minimising costs and time to market.

The digital bank, which has so far received interest from 35 banks, will be providing a shared ecosystem of assets which allows a group of banks to invest in the same solution. It will be connected with Finastra’s open development and innovation platform,

The core-agnostic solution will be Application Programming Interface (API)-enabled, allowing banks to use the functionalities they need and build integration layers on top for localisation, customisation, and regional compliance.
It will incorporate supplementary capabilities, such as Open Banking readiness and Central Bank Digital Currency (CBDC) proofing. The digital bank will also be designed to enable the fulfilment of several of the UN’s Sustainable Development Goals (SDGs).

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Keywords: partnership, Finastra, digital banking, online banking
Categories: Banking & Fintech
Countries: Middle East
This article is part of category

Banking & Fintech

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