A London based fintech firm, Finastra and Microsoft have announced a multi-year strategic agreement on a global scale to expedite the metamorphosis of financial services. This alliance is one-of-a-kind as it will support the increasing demand for cloud solutions, which will hugely benefit more than 8500 banking and financial institutions across the world. It is interesting to note that more than 3000 banks, at present, count on both the companies for their technological needs. The alliance will bring about a new commitment to these banks heavily supported by these companies in the field of payments, lending, and retail banking on Azure. This unique agreement will strategize the way by which banks and credit companies use technology, and it will also re-shape our vision of sustainable and open finance.
The CEO of Finastra is upbeat about this alliance as he feels that the future of finance is an open-ended one. With the partnership with Microsoft, they will be able to provide the people and businesses with solutions that will be perfect for their needs and unlock everyone’s potential. The pandemic has pushed the world quickly to a digital age, and this partnership will help to hasten this shift.
The open developer platform, which is built on the lines of MS Azure, is bringing in innovation in financial products. The company is also in talks with an established bank in Australia and is observing the process by which Microsoft based apps can run on cloud apart from Azure. The experts have already revealed that the banks are usually interested in clouds provided by the Big Three, such as AWS, Google, and Microsoft Azure. IBM is usually considered for older applications only.
Finastra is bent on creating a workplace for the future, and, no doubt, this determination augurs well for increased productivity and deeper client engagement. The open innovation platform – Fusion Fabric.cloud – encourages ultra-modern financial services applications. The alliance between Finastra and Microsoft will help to foster faster and more concrete decision-making in the future.