Finastra introduces instant onboarding for cloud payments technology

By Joy Dumasia

Finastra announced new instant onboarding capabilities for its Fusion Payments To Go solution. The move enables banks to access the benefits of Finastra’s SaaS solution at speed. Organizations can bring innovative and tailored payments products to their customers with greater efficiency with reduced cost as demands change.

Payments To Go is a SaaS payments solution with out-of-the-box configurations to support banks’ payment growth ambitions. It is built on Finastra’s proven Fusion Global PAYplus software, benefitting from best practice full end-to-end processing. Via open APIs, the instant onboarding capability reduces manual processes, increasing efficiency.

Payments To Go being in the cloud ensures flexible infrastructure that adapts with payments peaks. This paves the way for a Payments-as-a-Service approach, with an open architecture and evergreen updates, keeping banks ahead of market changes and delivering faster innovation and business growth opportunities.

Oren Marmur, General Manager, Payments at Finastra, said: “We are committed to making payments transformation as easy as possible. This capability offers simple onboarding with a short lead time so that banks can overcome legacy technology constraints, implement with transparency around timeframes and cost, and bring leading payments products to customers at speed. We’re talking about reducing the process of onboarding to just a few days with go live in a few months, rather than what might have taken some banks a year. Beyond the significantly reduced onboarding and go-live timeframes, this will allow smaller banks, for which the cost of complex payments transformation might be prohibitive and the operational processes too complex, to enjoy the benefits of an advanced Payments Hub with modernized capabilities.”

Recently, IBS Intelligence reported that Finastra announced that First National Bank of Manchester (FNBM) had selected Fusion Phoenix as its new core banking solution to serve its account holders and grow the bank. The decision represents an upgrade from its previous core, also from Finastra.