How Open Platform Approach Stimulates Innovations in the Financial...
capitalmarketsciooutlook

How Open Platform Approach Stimulates Innovations in the Financial Service Industry

By Capital Markets CIO Outlook | Friday, October 04, 2019

The future of financial services lies in an open platform approach that is fueling collaboration and innovations.

FREMONT, CA: Finastra launches two innovative applications built on its FusionFabric.cloud open development platform. These are the first apps developed in collaboration with banks and credit unions to include real-time bill payment application from Allied Payment, and a personal savings tool from Monotto —both built to help financial institutions nurture their customer base.

The Allied Payment Network’s real-time bill pay app quickly moves funds from the user’s account, reducing risk to the credit union, and will allow confirmation on bill payments quickly. Finastra’s platform model allows Allied Payment Network to cut development and integration time drastically and come up with a solution that excels in functionality. Additionally, Atlanta-based fintech, Monotto, with its automated savings tool, RoboSave built on FusionFabric.cloud, changes the way users spend money. Integrating RoboSave with FusionFabric.cloud significantly increases the demand for the app.

“This is a significant milestone for our FusionFabric.cloud platform, which sees financial institutions starting to consume new applications. It also marks a revolution in how APIs can be harnessed to quickly build and deploy innovative new financial services solutions,” exclaims Eli Rosner, Chief Product and Technology Officer of Finastra. “Financial institutions can simply visit the Fusion Store, see which apps are integrated with their core system APIs, and rapidly onboard these technologies to better serve their customers with innovative offerings in record time. Fintechs, like Allied Payment Network and Monotto, benefit from the Fusion Store’s ability to market their solutions to a huge customer base through this marketplace and also from Fusion Creator, our open development environment with sandbox, for rapid application creation.”

The finance industry is witnessing a paradigm shift caused by digitalization and regulation. With this changing environment, customers’ expectation of their banking relationships is also evolving. Given that, financial institutions are looking for ways to improve user experience and increase the speed of banking operations through the adoption of third-party software. That is where Finastra’s role becomes essential. The company offers software solutions for banks and capital markets firms to accelerate growth, reduce costs, mitigate risk, and deliver superior customer experience through technology.

With its FusionFabric.cloud platform, Finastra champions collaboration and encourages innovation by opening its core systems for third parties to develop various applications. This platform offers agility, faster time to market, cost advantage, and continuous delivery options. It also serves as the foundation on which financial institutions can layer open APIs to third parties to maximize product potential. FusionFabric.cloud provides access for fintechs, banks, consultants, and more to build on top of its trusted solutions. Finastra is changing the way applications are developed and consumed in the world of financial services. The company is bringing a real culture of open innovation to the financial services industry with its unique proposition.

“What we are seeing today is an unprecedented shift in the way financial services businesses from across the globe collaborate, innovate and compete, with half of the UK and US financial institutions looking to collaborate in the cloud,” adds Simon Paris, CEO of Finastra. “FusionFabric.cloud brings together banks, Fintechs and SMEs onto a single open platform, allowing advanced technologies such as facial recognition, AI, machine learning, and voice interaction apps to be created, deployed, and monetized in the same ecosystem.”

As a committed firm unlocking the potential of people and businesses in finance, Finastra is listed among ‘50 Most Promising FinTech Solution Providers’ by CIOReview. Finastra believes that the future of finance lies firmly in open platform technology and is working to change the way finance can be done in the modern age. 

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