Finastra & Prelim team to simplify digital banking experience

By Gloria Mathias

Finastra, a global provider of financial services software applications, has announced an integration with Prelim, a FinTech, for its Finastra Phoenix core solution. This will enhance the retail and commercial deposit account opening experience.

The new partnership makes account opening faster and more efficient, unlocking cost savings and an enhanced customer experience.

Prelim empowers financial institutions to digitise the customer experience by automating the application process and internal operations such as reviewing, processing, underwriting, and servicing. From onboarding deposit customers to provisioning treasury services and originating select credit products, Prelim’s technology helps make account opening faster, reduces back-office complexities, and provides a more seamless and enhanced customer experience for account holders.

“Customers expect an easy-to-use, real-time onboarding process when applying for a new financial product or service,” said Heang Chan, CEO and co-founder of Prelim. “We’re excited to be partnering with Finastra to help accelerate retail and commercial deposit account opening for financial institutions around the world.”

Through Finastra’s Open Finance ecosystem, Prelim integrates with Phoenix APIs, enabling the creation of new accounts for both new and existing account holders. These accounts are then reflected within the digital banking solution, providing a cohesive user experience. This comprehensive integration allows financial institutions to efficiently onboard new accounts and services, ensuring a smooth and streamlined process.

“In a digital-first society, consumers and businesses expect their financial solutions to be agile and transform as needed to keep pace with their needs,” said Peter Longo, vice president of product management, US Mid-Market Banking Solutions at Finastra. “As we look to enhance our offerings continuously, Prelim is a trusted partner to support this transformation and our Open Finance ecosystem. We look forward to working together to deliver the innovations community banks and credit unions across the United States need to stay ahead of the competition.”