Microsoft, Finastra to accelerate financial services transformation
Microsoft and London-based financial technology company Finastra have announced a multiyear global strategic agreement to assist in fast-tracking the digital transformation of financial services.
Finastra CEO Simon Paris said in a press release, “This is a truly exciting step change in the relationship between our two companies. We believe the future of finance is open. Together with Microsoft, we can provide people, businesses and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone. As the pandemic has brought the future forward with regard to digitization, our vision to transform the world of financial services aligns closely with Microsoft’s ambitions, and I believe that together we can help accelerate this digital shift.”
It should be noted here that both the companies already support 3,000 financial institutions and banks across lending, payments, treasury and retail banking on Azure.
“The agreement, paired with the unparalleled disruption of the industry, will reimagine the way banks and credit unions use technology and how we all think about sustainable, open finance,” said the release.
Finastra, using Microsoft platforms, has already been able to accelerate its product road maps, bringing more of its solutions to its 8,500 customers on the cloud, alongside advancements in open banking, AI and data.
Scott Guthrie, executive vice president, Cloud + AI, Microsoft, commented, “Finastra’s open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services. By helping with capabilities such as e-signatory and e-notary, Finastra is able to quickly extend those solutions for more customers.”
He added, “We’re thrilled to be working with Finastra to transform the future of financial services by accelerating its move to the cloud. Together we will fuel the digital transformation of financial services, and by delivering on operational efficiencies and reducing risk, we will help increase productivity and enable deeper client engagement.”
Image credit - Coolcaesar (CC BY-SA 4.0)
