This system is designed with out-of-the-box compliance features, an effective forecasting engine, and a flexible reporting structure. It aims to meet the unique demands of small and mid-sized banks, such as community banks in the US.
ALM IQ provides a quicker, deeper understanding of the risk and balance sheet, giving banks a way to deal with various regulatory requirements. By mitigating risk, the solution aids banks in making wise operational choices, allowing these organisations to meet the demands of the communities they serve, including private citizens and small-to-medium businesses (SMBs). ALM IQ is scalable and can be deployed on the cloud with little customization or administration, allowing for rapid adoption and expansion possibilities.
ALM IQ, which uses Software-as-a-Service (SaaS) technology and is based on Open Banking standards, has a low total cost of ownership and requires little customisation. Updates and new features are automatically added, relieving IT staff of the burden of spending time integrating and configuring new modules.
ALM IQ is a future-proof Asset, Liability, and Balance Sheet management solution that blends Interest Rate Risk for the Banking Book (IRRBB) principles with ALM policies to optimise the bank's risk management framework from data ingestion to in-depth analysis and straightforward reporting.
In contrast to restricted environments from other vendors where extensions and integrations cost a lot more money, Finastra's Open Banking strategy makes it faster and easier to add modules and features.
In contrast to restricted systems from other vendors, where extensions and integrations cost substantially more, Finastra's Open Banking strategy makes it faster and easier to add modules and capabilities.
Therefore, ALM IQ from Finastra gives banks the resources they need to assess risk, giving them an advantage when managing and making long-term plans more accurately. Banks receive a cutting-edge ALM calculation and reporting engine as well as a SaaS platform, which eases the burden on internal technological resources and decreases total cost of ownership.
Beginning with their Embedded Consumer Financing solution, which gives customers access to conventional, regulated lending alternatives at the point-of-sale (POS), Finastra had a series of product breakthroughs in 2022.
The goal of Finastra Embedded Consumer Lending is to give customers additional options while reducing friction in the purchasing process. The Banking-as-a-Service (BaaS) platform gives retailers access to lenders and the particular products they offer. Finastra Embedded Consumer Lending gives financial institutions access to a market of retailers and distributors through whom they can sell their banking products.
Finastra Digital Banking Insights, an app for Fusion Digital Banking, was made available by the company later that same year. The app uses data and cutting-edge analytics to give financial institutions useful information about account holders' behavior.
The most current commitment from Finastra was made in November 2022, when they said they will create and implement the capabilities needed to support preparation for the UK's New Payments Architecture (NPA).
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