Customers will benefit from an end-to-end, multi-rail payments processing SaaS solution 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.
Payments To Go, accessible as a cloud-based managed service, allows banks to develop with continuing innovation and regulatory needs while adding security. Finastra can distribute its solution to financial institutions all around the world by working with Aspire Systems and offering services like Variable Recurring Payments, Request to Pay, and Payee Confirmation.
Payments To Go offers end-to-end payment processing as a scalable SaaS model, allowing banks to expedite the roll-out of immediate payments services and deliver customisable digital payment products faster and more efficiently. They can also effortlessly deploy value-added services since they are integrated with Finastra's open platform for innovation, FusionFabric.cloud.
Aite-Novarica Group has released a report funded by Finastra that outlines the reasons why banks should invest in new technology to suit market expectations.
The publication demonstrates how the payments sector continues to evolve and innovate within the commercial banking area, despite old systems and software failing to meet end-user requests for more efficient payment capabilities and possibilities.
Real-time payment is one of the key topics, as the survey considers it to be one of the most popularised and significant drivers of payment modernisation. Many banks and financial institutions throughout the world are in the midst of implementing new payment rails, with around 72% of respondents having a project finished, one in the works, or the desire to do so.
Almost 70% of financial institutions believe that one of the greatest challenges to modernisation is the technological integration of outdated systems. These perspectives emphasize the demands and needs of technology partners who will enable agility and efficient service execution.
Finastra got the new year off to a good start by finalising a deal with XPAY to help the firm with its expansion objectives. As a result of the integrated solution and access to FusionFabric.cloud, powered by Microsoft Azure, XPAY will be able to create unique end-user experiences as the company grows. Financial organisations may progressively develop beneficial services thanks to the interaction with FusionFabric.cloud and open design.
Subsequently, Finastra began working with Integro Technologies to provide clients with digitisation and exposure risk products. With this agreement, Finastra will provide its Trade Innovation solutions to customers, as well as Integro's SmartLender Trade Limits service.
Lastly, Finastra and Uni Systems have collaborated to assist financial institutions in meeting the Basel Committee's FRTB reporting standards, which go into force in 2025. Uni Systems can now provide Vector Risk's Trading Book Market & Credit Risk Solution to its customers, which is hosted on Microsoft Azure and powered by Finastra's FusionFabric.cloud, enabling cloud-based automation of credit and market risk calculations in the trading book.
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