Finastra and ADVANTAQ to enhance compliance onboarding for Caribbean-based banks

By Delisha Fernandes

Finastra, a global provider of financial software applications, and ADVANTAQ, a compliance technology partner in the Caribbean, announced that ADVANTAQ’s compliance solutions are now directly integrated with Finastra Opics, offering Caribbean-based banks the ability to onboard their customers in one portal, creating a seamless customer experience.

This partnership offers banks using Opics a seamless vendor experience and recurring data validation checks. With the ability to onboard customers in one portal, banks can utilise a single vendor for Know Your Customer (KYC) and Anti-Money Laundering (AML) management, enabling increased operational efficiencies and eliminating the need for multiple vendor relationships.

“To support our growth, Finastra is the ideal partner to help us reach new customers by providing a new route to market,” said Bruce Bowen, CEO of ADVANTAQ. “Our secure, automated compliance solutions are an ideal match for Finastra Opics clients, and we look forward to helping more banks across the Caribbean achieve increased efficiencies so they can focus more closely on the needs of their customers.”

“Partnerships are critical for Finastra’s growth in the Caribbean, and we are thrilled to work together with ADVANTAQ to expand our collective reach in the region,” said Chandrasekhar Chingacham, Head of Product for Opics, Treasury & Capital Markets at Finastra. “As banks work to ensure their compliance procedures are efficient and centralised, this new partnership gives back-office teams the tools they need to simplify client onboarding and manage processes effectively.”

Finastra Opics is a solution for managing core treasury and back-office processes. With Straight-Through Processing (STP) capabilities, it covers all aspects of a bank’s treasury operations, from deal inception through to settlement and accounting. Delivering transparency, flexibility, and functionality on a single platform makes treasury operations more cost-effective, increasing overall profitability.