Finastra is bringing its next-generation payments solutions to the cloud via Microsoft Azure, Microsoft’s enterprise-ready trusted cloud platform.
The move enables Finastra to deploy value-added services to clients more efficiently. Banks will benefit from streamlined onboarding, as well as faster access to new products and upgrades.
This alliance is an extension of Finastra’s cloud-based lending oversight solution that was previously launched on Azure in the US and Canadian markets in 2016. Since then, Finastra has broadened its relationship with Microsoft and is migrating its payments capabilities to Azure.
“This collaboration allows us to change how we deliver software to our customers and partners in a fundamental way,” said Nadeem Syed, CEO, Finastra. “It will enable us to bring new products to market faster and more frequently, with stability and with the highest levels of data security for which Microsoft is known. It also allows us to take a significant step forward in the creation of a platform for innovation and collaboration in financial services.”
The strategic move to work with Microsoft Azure enables Finastra to optimize existing business processes and functions, while expediting development with stability and sophistication. In today’s ever changing business landscape, banks are seeking innovative solutions that evolve with their needs while also fulfilling the ability to scale at a lower overall cost. The migration of payments solutions to Azure will accelerate Finastra’s ability to easily and effectively deploy value-added services onto its platforms and continue to meet customer demands.
Commenting on the development, Gareth Lodge, Senior Analyst at Celent, said, “Generally in the market both payment hubs and cloud have come of age - and this announcement will mean even greater benefits, with the two coming together here. Modern technology, running on modern architecture, gives not only means for greater performance at much lower running costs, but also the potential for new business models altogether, for all involved.”
Janet Lewis, Vice President of Worldwide Financial Services at Microsoft, said, “It is inspiring to work with leaders like Finastra who are helping to benefit our mutual customers in the financial services industry. By using the Microsoft Azure cloud platform, Finastra will optimize its payments solutions and ultimately better serve its customers - all while ensuring its specific security, privacy and compliance needs are met.”