Following this collaboration, the integration between the platforms will digitise data transfer, aiming to increase the overall operational efficiency and streamline the settlement processes.
The deal will deliver benefits to common clients, focusing on reducing risks, improving automation procedures, as well as to fast-track transaction processing. This will be done by removing the manual re-keying elements of transactions throughout the lending and trading lifecycles. Clients will be given the possibility to use pre-built, seamless integrations and to digitally transfer data between the services.
Finastra and S&P Global Market Intelligence plan to leverage their combined offerings for transforming data flows across the board. These include real-time updates for positions, secure wire details, trades, and other areas of the loan lifecycle that can still result in payment and transaction data, which otherwise was being sent by fax or email to their customers.
Finastra had multiple deals and product launches in the last couple of months, covering numerous geographical areas around the world.
In May 2023, the company collaborated with Priority Software to enable UK businesses to submit Bacs payments directly through Priority Software’s enterprise resource planning (ERP) service. Users were given the capability to generate transactions inside Priority Software’s product, and after they received the authorisation, the payments were delivered to Bacs by utilising the Open API module that was incorporated in Finastra’s Bacsactive-IP tool.
Earlier in the same month, Finastra announced its partnership with fintech BKN301 in order to bring digital and cross-border payments solutions to San Marino, as well as to expedite its BaaS service deployment for the MENA region.
Brazil-based financial institution Banco Sofisa signed a strategic deal with Finastra in the same period, for implementing Vector Risk, a market and credit risk solution. The partnership focused on streamlining its risk management strategy for new tools by using the cloud-based Vector Risk service. The product was delivered by Finastra’s FusionFabric.cloud and it was hosted on Microsoft Azure. The solution enabled the bank to deploy it quickly and efficiently without impacting its IT resources and software.
Finastra’s Essence was selected by the Loughborough Building Society to increase its operational efficiency and future-proof its offerings at the beginning of May 2023. The company aimed to develop and expand quickly by leveraging Finastra’s SaaS product, as well as its Retail Analytics module. Furthermore, it also used its services to connect to third-party applications and reach new customers through digital channels.
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