Citizens Bank, working with Infosys as its implementation partner, has selected Finastra to power the trade finance solution it offers to its corporate clients.
This new capability will enable Citizens’ corporate clients to digitize traditionally paper-based trade processes, leading to increased efficiencies and reduced costs.
The new trade finance offering will allow the bank to meet increased client demand. Citizens picked Finastra’s Fusion Trade Innovation for its end-user experience, ability to support all trade products, capacity to integrate with downstream systems through open APIs and its high level of configurability.
“In addition to providing the best trade finance solution on the market, Finastra met our demand for a strategic partner that could provide other corporate banking solutions, such as syndicated lending and supply chain finance, as our needs evolve,” said Michael Cummins, Head of Treasury Solutions, Citizens Bank.
Citizens Bank and its corporate clients will access integrated trade finance capabilities via FinCloud, Finastra’s private cloud solution.
“Citizens Bank is not only changing the way they deliver trade finance solutions to their corporate customers in the near future, but will be well-prepared to scale their corporate banking business in the years ahead,” said Nadeem Syed, CEO, Finastra. “Finastra sees increasing demand for a truly connected corporate banking experience, in which multiple corporate banking applications can be fully integrated on a single platform.”
Jasmeet Singh, Senior Vice President and Industry Head, Americas, Financial Services at Infosys said, “Bringing together our combined expertise and capabilities, Infosys will work with Finastra to deliver a cloud solution that helps Citizens Bank achieve its connected corporate banking ambitions, enabling digitization of trade processes.”
Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.