In a release shared with Blockchain.News on July 21, Finastra and Microsoft announced a multiyear global strategic agreement to accelerate the transformation of financial services. The alliance will support demand for cloud solutions, aiming to compress years of innovation into months for 8,500 banking and financial institutions worldwide.
Open Source Future of Finance
The alliance of Finastra and Microsoft marks a commitment and builds on the 3,000 banks and financial institutions already supported by both companies across payments, lending, 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.
Simon Paris, CEO, Finastra said, “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.”
According to the release, leveraging Microsoft platforms has already allowed Finastra to accelerate its product road maps to bring even more of its mission-critical solutions to the cloud for its 8,500 customers, alongside advancements in data, AI, and open banking.
“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,” said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. “By delivering on operational efficiencies and reducing risk, we will help increase productivity and enable deeper client engagement.”
The Workplace of the Future
Along with the strategic partner relationship, Finastra’s Fusion Fabric.cloud open innovation platform will continue to encourage co-innovation of next-generation financial services applications.
The solution is powered by Microsoft Azure, and allows developers unprecedented access to build right on top of Finastra’s core systems for faster incubation of applications at scale. In addition, Microsoft Azure, the Power Platform and Office 365 are also being leveraged by Finastra to transform its own business and optimize operations.
With a focus on creating a workplace of the future, the Microsoft Workplace Analytics capabilities could also foster faster, and more definitive decision-making.