Finastra and Microsoft Corp. on Monday announced a strategic, multiyear cloud agreement to help accelerate the digital transformation of financial services. This alliance supports demand for cloud solutions, aiming to compress years of innovation into months for 8,500 banking and financial institutions worldwide.
“This is a truly exciting step change in the relationship between our two companies,” said Simon Paris, CEO, Finastra.
“We believe the future of finance is open. Together with Microsoft, we can provide people, businesses and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone. As the pandemic has brought the future forward with regard to digitization, our vision to transform the world of financial services aligns closely with Microsoft’s ambitions, and I believe that together we can help accelerate this digital shift.”
This move marks a commitment and builds on the 3,000 banks and financial institutions already supported by both companies across payments, lending, treasury and retail banking on Azure.
The agreement, paired with the unparalleled disruption of the industry, will reimagine the way banks and credit unions use technology and how we all think about sustainable, open finance. Using Microsoft platforms has already enabled Finastra to accelerate its product road maps to bring even more of its mission-critical solutions to the cloud for its 8,500 customers, alongside advancements in data, AI and open banking.
“Finastra’s open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services. By helping with capabilities such as e-signatory and e-notary, Finastra is able to quickly extend those solutions for more customers,” said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. “We’re thrilled to be working with Finastra to transform the future of financial services by accelerating its move to the cloud. Together we will fuel the digital transformation of financial services, and by delivering on operational efficiencies and reducing risk, we will help increase productivity and enable deeper client engagement.”
Along with the strategic partner relationship, Finastra’s FusionFabric.cloud open innovation platform will continue to encourage co-innovation of next-generation financial services applications.
Powered by Microsoft Azure, it allows developers unprecedented access to build on top of Finastra’s core systems for faster incubation of high-value applications at scale.
Microsoft Azure, the Power Platform and Office 365 are also helping Finastra to transform its own business and optimize operations. With a focus on creating a workplace of the future, these technologies are supporting smart working, delivering greater collaboration and driving a “digital-first” mindset among employees. The Microsoft Workplace Analytics capabilities — with deeper insight gained from data — are also enabling faster, definitive decision-making.