London-based fintech company Finastra has now signed an agreement with Microsoft to assist financial firms all over the world in taking advantage of the tech-giant’s cloud platform Azure, and the state-of-the-art digital tools it offers enterprises.
The two companies have confirmed a new multiyear deal designed to support credit unions, banks and other enterprises in the financial sector to make use of Power Platform, Microsoft 365 and Azure empowering them with Artificial Intelligence (AI) capability and the means to store greater amounts of data online securely.
Through the use of Azure, financial firms can enhance their personnel’s productivity and collaboration, save on costs, and provide a superior service to clients and customers.
Finastra Chief Executive, Simon Paris, said:
“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 the solutions and services that fit around their needs and lives – unlocking the power of finance for everyone.”
He commented that as the COVID-19 has brought forward the future in terms of digitalisation, Finastra’s vision for transforming the financial services sector aligns with Microsoft’s. He added that he believed that working together, the two companies can assist individuals, communities and businesses all over the world in making successful digital moves.
Finastra currently delivers financial services software that spans capital markets, transaction banking, retail banking and lending, working closely with 90 out of the 100 top-rated banks across the globe. Finastra’s select client list includes BNP Paribas, United Arab Bank and Commonwealth Bank of Australia.
By employing Azure as a solid groundwork for its dedicated software, the fintech offers financial firms a wide array of services possessing the highest security, compliance, and legal considerations. Both Microsoft and Finastra are presently using Azure to help and support around 3,000 financial institutions and banks in the varied areas of their work such as retail banking, treasury, lending, and payments.
Executive Vice President for Cloud and AI, Scott Guthrie of Microsoft, said:
“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.”
This recently announced agreement between the Redmond-based firm and Finastra builds on the previously instated strategic alliance they signed two years ago to provide cost-efficient and flexible cloud solutions for financial services.
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