By adopting Anapaya’s Scalability, Control, and Isolation on Next-generation Networks (SCION) solution, Finastra’s Swiss Service Bureau customers will be able to benefit from a more resilient and secure data communication network by using the same networking technology as the SSFN.
In 2024, the SSFN will replace the 20-year-old Finance IPNet service as the Swiss National Bank and SIX Group’s standard networking solution. The SSFN is a controlled and secure network which allows connected users to communicate with SIX and other financial market infrastructures. The network is powered by SCION, the first clean-slate internet architecture designed to provide route control, failure isolation, and explicit trust information for end-to-end communication.
Finastra provides hosted SWIFT and direct connectivity to banks, clearing houses, local payment networks and beyond. SCION will support Total Messaging, its financial messaging platform that provides a gateway and workflow engine for market infrastructure, instant payment, and payment service provider (PSP) connectivity.
Finastra started three partnerships in March 2023. It has partnered with Uni Systems to help financial institutions comply with the Basel Committee's FRTB reporting requirements, effective in 2025. Uni Systems can now provide Vector Risk's Trading Book Market & Credit Risk Solution to its customers, using Finastra's FusionFabric.cloud and hosted on Microsoft Azure, enabling cloud-based automation of credit and market risk calculations in the trading book.
Later, it started its collaboration with Aspire Systems to enable financial institutions transform their payment operations and improve instant payment offerings. Customers will benefit from end-to-end, multi-rail payments processing SaaS solutions accessible on Microsoft Azure thanks to Finastra's Payments To Go and Aspire Systems' implementation and system integration capabilities. They will have direct access to networks such as the European Central Bank's TARGET Instant Payments Settlements (TIPS), the US real-time payments (RTP) and FedNow, and SWIFT.
Most recently, Vemanti Group announced a partnership with Finastra to build an SME-focused neobank in Southeast Asia, according to IBS Intelligence.
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