Finastra partners with Corvallis

Monday 25 September 2023 11:46 CET | News

Financial software applications and marketplaces provider Finastra has extended its partnership with Corvallis, part of Tinexta Group, an IT services provider in the Italian financial services sector.


The collaboration seeks to expedite the modernisation of IT infrastructures and the adoption of real-time payments ahead of the EU’s mandatory transition to instant credit transfers, helping Italian banks accelerate their instant payment offerings.

Real-time payments within banking and Finastra – Corvallis partnership details

Per the press release information, the partnership extends the scope from Finastra’s SaaS digital banking solution, Essence, to include Finastra Payments To Go, an end-to-end SaaS payment processing solution, and Global PAYplus, a functionally rich payment hub solution. By facilitating SEPA and international payments, Italian banks can comply with the upcoming European instant payments regulation and modernise outdated and complex IT infrastructures.

More to this point, the end-to-end SaaS payment processing solution Payments To Go enables banks to fast-track their instant payment services rollout and deliver flexible digital payment offerings in an increasingly fast and efficient manner. Global PAYplus provides a broad suite of payment services spanning high-value, mass, and real-time payments in a single solution, with a basis in microservices and an ISO 20022 native data model. What is more, Corvallis has extensive implementation expertise and delivers complementary solutions, such as for anti-money laundering (AML), payment and settlement, and fraud management.

Finastra partners with Corvallis

Commenting on the announcement, Corvallis officials advised that the partnership supports the entry into force of the European regulation on instant bank transfers in euros, which is set to make instant payments mandatory without additional costs. This is believed to require an overhaul of current, oftentimes temporary solutions that are not suitable for the support of the expected increase in instant payment transfers, which are to gradually replace ordinary transfers. Following the evolution of payments, the introduction of additional application modules and integration layers has led to complex, layered, and difficult-to-manage architectures. Per their statement, Finastra’s payments solutions help simplify this complexity by eliminating existing legacy payments silos, bettering processes, and enabling access to new market opportunities.

Further adding on this, Finastra representatives said that the extension of the partnership with Corvallis showcases their mutual commitment to equipping Italian banks with the appropriate tools for modernisation. Per their statement, Finastra’s evergreen solutions enable simplified integrations with third-party services through APIs helping Corvallis’ customers to pursue ongoing payment innovation and quickly adapt to new regulatory and customer demands. The spokesperson further advised that the collaboration combines technological innovation with extensive industry and regional expertise, driven by a common vision of enabling the future of payments.

More about Tinexta Group

TinextaCyber (Tinexta Group) is an Italian cybersecurity hub with strong vertical skills and proprietary custom solutions for digital security risk mitigation and governance. With Italy-based services and in compliance with EU data residency, data protection, and GDPR regulations, the company assists customers with specialised assessment and advisory activities. It lays out the design, development, and integration of solutions, and takes care of monitoring and management.

The company operates through its subsidiaries, namely Corvallis, Swascan, and Yoroi. Corvallis boasts extensive experience as a high-value and tailor-made solutions provider for large-scale projects, not limited to financial companies.

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Keywords: partnership, banking, fintech, digitalisation, paytech, real-time payments, API, SEPA, SaaS, ISO 20022
Categories: Banking & Fintech
Companies: Corvallis, Finastra
Countries: Italy
This article is part of category

Banking & Fintech




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