Finastra has signed a multi-year global agreement with Microsoft focused on trade platform modernisation, building on the existing availability of Finastra Trade Innovation. Finastra will use Microsoft Azure to give banks increased agility, flexibility and scalability, enabling them to continue to provide service excellence to customers throughout their modernisation journey.
As the expectations of corporate customers evolve, financial institutions need to deliver a seamless and engaging transactional experience across their trade finance and supply chain finance operations in support of open finance. Further extending the open APIs available through Finastra Trade Innovation and the platform, FusionFabric.cloud, customers will be able to leverage a vibrant digital trade ecosystem, supporting the digitalisation of the full transaction lifecycle.
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Isabel Fernandez, Executive Vice President for Lending at Finastra, said: “Partnering with Microsoft builds on our joint strategic vision to help accelerate the digital transformation of financial services and support customers on their journeys to be open. Customers are eager to transform their trade finance and supply chain offerings, and to access the latest innovations, working with partners across the ecosystem. Via this agreement, existing and new customers will benefit from increased flexibility to connect, collaborate and adapt to evolving customer needs and new regulations.”
Bill Borden, Corporate Vice President, Worldwide Financial Services, Microsoft added: “We’re excited to deepen our relationship with Finastra to support banks on their trade modernisation journey. Using the rich functionality of Finastra’s Trade Innovation platform and FusionFabric.cloud, combined with the power of Microsoft Azure and data and AI advancements, we look forward to helping financial institutions further accelerate innovation, increase efficiencies, enhance customer engagement and transform their operations at scale.”
Finastra Trade Innovation was recognised recently as “Best in Class” in the Aite Matrix of Trade Finance Software from Datos Insights. Enrico Camerinelli, Strategic Advisor at Datos Insights said: “The decline of manually intensive and paper trade finance operations, the continued growth of supply chain finance, and the rise of fintech players are encouraging banks to transform the status quo with API-based open banking, artificial intelligence and data analytics.”
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