Finastra, Modefin offer fintech solutions in Africa, India

Thursday 10 November 2022 15:06 CET | News

Finastra and fintech Modefin have partnered to offer Finastra’s solutions to banks in Africa and several Indian subcontinent markets.


As part of this partnership, the financial software applications provider will provide the Fusion Trade Innovation and Fusion Essence solutions, which are believed to help Modefin’s customers embrace Open Finance and future-proof their banking and global trade operations. 

Fusion Essence is a cloud-enabled, next generation core banking solution combining sophisticated functionality and advanced technology aimed at increasing enterprises’ agility and operational efficiency, while simultaneously using AI to unlock data for better business decisions. The SaaS offering covers each stage within the user journey and helps enable financial institutions to deliver end-to-end experiences.

Fusion Trade Innovation is an end-to-end solution with capabilities for facilitating trade and supply chain finance. The product uses straight-through processing, digitalisation, and data analytics to enable intelligent trade for growth, having the ability to advance with evolving compliance, customer, and competitive demands.

Speaking on the partnership, Modefin officials have stated that they are looking to bring together Finastra’s solutions and expertise and Modefin’s knowledge of the regional market and its customer base and help banks accelerate their growth with trade and supply chain finance, core banking and digital solutions. The companies have a longstanding relationship, as they had previously partnered to bring Modefin solutions to market via Finastra’s platform.

Finastra representatives have stated in the press release that their open ecosystem and solutions enable banks to leverage advanced technology and value-added services to further innovation and growth, and, with partners playing an important role in helping deliver these solutions, the company is looking forward to having the partnership with Modefin enable banks’ development in the region. 

Finastra and fintech Modefin have partnered to offer Finastra’s solutions to banks in Africa and several Indian subcontinent markets.

Finastra, Modefin mission and product offering

Finastra is a financial software applications and marketplaces global provider that launched in 2017 an open platform targeting innovation, The company serves institutions of all sizes and provides solutions and services across lending, payments, treasury and capital markets, retail, and digital banking aimed at banks for supporting direct banking relationships and growing through indirect channels of the likes of embedded finance and Banking as a Service. The company has an approximate of 8,600 institutions as clients, including 90 of the world’s top 100 banks.

Modefin is a global fintech solution provider that offers banks and financial institutions digital banking solutions to further their growth in a digital age. The company was founded in 2011 in India and serves more than 60 banks in over 20 countries worldwide. 

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Keywords: partnership, banking, Open Banking, Open Finance, SaaS, trade finance, trading platform, Open Banking Ecosystem
Categories: Banking & Fintech
Companies: Finastra, Modefin
Countries: Africa, India
This article is part of category

Banking & Fintech




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