Move provides fast and automated onboarding for financial institutions via open APIs, enabling them to bring innovative payments solutions to customers at speed
Dubai, UAE: 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 and with reduced cost, meaning organizations can bring innovative and tailored payments products to their customers with greater efficiency as demands change.
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.”
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. A portal enables bank executives to answer a series of questions, automatically generating a new payments environment which they can personalize.
Gareth Lodge, Senior Analyst, Payments at Celent said, “One of the promises of moving to the cloud has long been agility, replacing legacy technology with modern, flexible technology. Yet, one of the major challenges for banks is how to actually move from legacy technology. Since payments probably touch on more bank systems than any other technology, it can be a slow and complex process to figure out even how to migrate. Given the number of banks actively looking to migrate to the cloud, tools that make the process of onboarding simple and quick will benefit not just the banks but their vendors as well.”
Moreover, 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, delivering faster innovation and business growth opportunity.
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers.