Finastra and ITC Infotech expand European partnership to deliver cloud-based treasury automation
Users benefit from cash-as-a-service that is rapidly deployed and hosted in the cloud
LONDON, June 22, 2022 /PRNewswire/ — Finastra today announced a strategic partnership with ITC Infotech to provide Finastra’s Fusion Kondor cloud-based cash-as-a-service solution to its growing customer base in Europe. Customers will benefit from increased treasury services automation, a scalable system that keeps pace with regulatory changes, and a fast time-to-market for new features. This partnership strengthens Finastra’s long-standing relationship with ITC Infotech.
Anindya RoyPresident – Europe of ITC Infotech said, “Bank treasury teams are looking to modernize their processes and improve their operational resilience. The Kondor Treasury as a Service solution will enable banks to quickly leverage treasury technology, automate manual processes, reduce reliance on spreadsheets and legacy technologies, and improve profitability. Finastra’s technology is market leading, and we are excited to offer clients a seamless managed services proposition that is easy and quick to implement, and significantly reduces cash, risk and compliance.
“The ability to create and manage treasury systems at many banks is a challenge, and with increasing regulations to meet, an automated solution that fills operational gaps may be ideal,” said Monica Summerville, Head of Capital Markets, Celent. “By leveraging cloud delivery, bank employees can focus on their core roles, rather than worrying about the underlying IT. This path also gives treasury managers visibility and flexibility needed to easily comply with regulations, for which requirements are constantly updated in the solution, including Basel IV, EU CRR IV, FRTB, SA-CCR and IRRBB.”
The solution could be up and running in just 90 days as it is designed out of the box and pre-configured with best practice templates. Prior to 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, help mitigate risk and guarantee a long-lasting solution in a secure cloud. Banks using Finastra technology can also exploit FusionFabric.cloud open development platform to access innovative applications.
Wissam KhouryEVP, Treasury & Capital Markets Business Unit at Finastra, said: “ITC Infotech has been a long-time partner of ours and it makes sense to extend our proven track record in delivery, bringing banks to Europe, access to cutting-edge treasury technology in the cloud. Together, we will deliver our treasury platform as a managed service offering, creating a compelling solution for our joint customers to leverage new capabilities such as cash management. This move aligns well with our commitment to orchestrating ecosystems that deliver real value to the financial services industry.”
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About ITC Infotech
ITC Infotech is a leading global provider of technology services and solutions, led by Business and Technology Consulting. ITC Infotech provides business-ready solutions to help clients succeed and be future-ready, seamlessly bringing together digital expertise, strong industry-specific alliances, and the unique ability to leverage the in-depth domain expertise of ITC Group companies. The company provides technology solutions and services to businesses in industries such as banking and financial services, healthcare, manufacturing, consumer goods, travel and hospitality, through a combination of traditional and newer business models. , as a long-term sustainable partner. ITC is one of india leading private sector companies and a diversified conglomerate with businesses spanning consumer goods, hospitality, cartons and packaging, agribusiness and information technology. For more information, please visit: http://www.itcinfotech.com/
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open innovation platform, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing solutions and services awards in the areas of loans, payments, treasury and capital. Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as integrated finance and banking as a service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by around 8,600 institutions, including 90 of the world’s 100 largest banks. For more information, visit finastra.com.
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