Finastra targets smaller banks with cloud-based paytech
Finastra takes paytech to the cloud
Banking tech vendor Finastra has unveiled its instant payments offering in the cloud for small and mid-sized banks – Fusion Global Payplus.
Based on the Microsoft Azure cloud, this packaged solution will be generally available in Q2 2019.
According to Finastra, it will enable central updates, ensuring all users benefit from the latest changes or new product functionalities immediately, including Swift and clearing scheme updates.
“Banks will be able to get up and running in just a few months with standardised pricing and onboarding processes in this Software-as-a-Serivce (SaaS) model, the vendor says.
“This will provide a clear, future-proof cost structure and flexibility in a market where volumes are currently hard to predict.”
Fusion Global Payplus will enable small and mid-sized banks “to step up to the plate and really compete”, notes Sagive Greenspan, SVP and GM, payments at Finastra.
“Where the largest banks would likely prefer our private cloud solution, small and mid-sized banks crave cost-effective packaged solutions which are quick to deploy and avoid legacy platform complications, but still deliver a state-of-the-art product,” Greenspan continues.
Finastra also emphasises that Fusion Global Payplus users will benefit from the vendor’s “open innovation vision” and the FusionFabric.cloud ecosystem.
“As the company continues to open its architecture for third parties to develop upon, it is committed to developing open APIs for this solution,” Finastra states.
“This will enable banks to draw on third party services, including compliance, anti-money laundering (AML), and fraud, to round out their payments offerings.”
