Finastra – unlocking the potential of open banking
At Finastra we see a future in which financial services provision is all about improving customer experience. Customer expectations have changed. Today’s banking customer, whether an individual, a business or a corporate, expects its bank to provide a personalized service, use the latest technologies to offer a great customer experience and provide relevant products appropriate to their individual requirements… all of this as well as offering optimal pricing and collaborating with other companies to deliver new innovations.
Staying ahead of new technologies is a constant challenge for banks. For many their core systems are mission-critical applications at the heart of their business operations and it’s often a lengthy and complex process to upgrade or replace them. Meanwhile new banks and big technology companies including Google, Amazon, Facebook and Apple are challenging the status quo with new and innovative payments and banking services.
As the world of financial services has changed, we’ve changed our approach to the way in which financial software is written, deployed and consumed. Our goal is to provide an open platform for innovation in financial services, using the latest standards and technologies. FusionFabric.cloud is our ‘platform-as-a-service’ solution that brings together a wide eco-system of banks, developers, Fintechs, academic institutions and systems integrators to build, sell and consume a new generation of financial apps.
As part of this unique strategy we have opened our own core systems to third-parties to build their own apps, safe in the knowledge that they can develop and test them in a proven banking system environment. With more than 60 APIs available, and more that 300 Fintechs registered on the platform, FusionFabric.cloud is making great strides in stimulating co-operation and co-innovation.
Technology as an important enabler of financial services, not only in developed markets where there is access to the most sophisticated financial institutions and services they offer, but also in those areas where financial inclusion continues to be a major concern. With 1.7 billion* unbanked adults in the world and an estimated $1.5 trillion trade finance gap*, there is a role for technology to play in lifting people out of poverty and helping them to participate in the global economy.
From mobile banking applications that help millions in rural areas to access banking services on their telephones, to blockchain marketplaces that can certify the provenance of goods and facilitate loans and trade; financial software is helping bring banking services to previously underserved populations, and financing to those who need it most.
Our vision is to unlock the potential of people, businesses and communities everywhere. We believe that the future of finance is open, and that collaboration and co-innovation are the key to success.