Finastra and ITC Infotech to deliver treasury automation in the cloud
By Joy Dumasia
Finastra announced a strategic partnership with ITC Infotech to deliver Finastra’s Fusion Kondor cloud-based Treasury as a Service solution to its growing customer base in Europe. Customers will benefit from increased automation of treasury services, an evergreen system that keeps pace with regulatory change, and rapid time to go live for new features and functionalities. The partnership strengthens Finastra’s long-standing relationship with ITC Infotech.
Anindya Roy, President – Europe at ITC Infotech, commented: “Banking treasury teams are looking to modernize their processes and improve their operational resilience. The Kondor Treasury as a Service solution will enable banks to harness treasury technology quickly, to automate manual processes, reduce dependency on spreadsheets and legacy technology, and improve cost efficiency. Finastra’s technology is market-leading, and we are excited to bring customers a seamless managed services proposition, which is easy and quick to implement and significantly reduces cost overheads across treasury, risk and compliance.”
“Capacity to build and run treasury systems at many banks is a challenge, and with increasing regulations to comply with, an automated solution that fills operational gaps can be ideal,” said Monica Summerville, Head of Capital Markets, Celent. “Leveraging cloud delivery, bank employees can focus on their core roles, rather than worrying about underlying IT. This route also provides treasury managers the visibility and flexibility to easily comply with regulations, for which requirements are constantly updated within the solution, including Basel IV, EU CRR IV, FRTB, SA-CCR, and IRRBB.”
The solution could be up and running in as little as 90 days, as it is designed ready-to-use and pre-configured with best practice models. Ahead of implementation, customer value experts from Finastra and ITC Infotech spend time with the bank’s treasury, operations, and IT teams to review the current architecture, helping to mitigate risk and ensuring a future-proof solution in a secure cloud. Banks using Finastra technology can also tap into the FusionFabric.cloud open development platform to access innovative apps.
Wissam Khoury, EVP, Treasury & Capital Markets Business Unit at Finastra, said: “ITC Infotech has been a long-standing partner of ours, and it makes sense to expand on our proven delivery track record, to bring banks in Europe access to leading treasury technology in the cloud. Together we will deliver our treasury platform as a managed services offering, creating a compelling solution for our joint customers to take advantage of new capabilities such as liquidity management. This move aligns well with our commitment to orchestrating ecosystems that bring real value to the financial services industry.”
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August 12, 2022
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