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Payments General

Finastra offers immediate payments offering in the cloud for banks

Monday 22 October 2018 | 10:10 AM CET

Fintech company Finastra has revealed its instant payments offering in the cloud for small and mid-sized banks.

The Fusion Global PAYplus packaged solution will enable tier three and four financial institutions in the EU and US to access the benefits that the cloud delivers, without the cost and on-premise infrastructure requirements that may previously have been a barrier to entry.

Based on Microsoft Azure, the pre-defined offering will be generally available in Q2 2019. It will enable central updates, ensuring all users benefit from the latest changes or new product functionalities immediately, including SWIFT and clearing scheme updates. Banks will be able to get up and running in just a few months with standardized pricing and onboarding processes in this SaaS model. This will provide a clear, future-proof cost structure and flexibility in a market where volumes are currently hard to predict.

Small and mid-sized banks require an agile platform that works out of the box, rather than taking a long time to see project value. The Fusion Global PAYplus packaged cloud solution will serve the growing need for immediate payments processing, including high throughput all day, every day and end-to-end transaction times of seconds. Financial institutions will be able to tap into a proven service, without extensive development and implementation timeframes or costs, and it will ease the move from a CapEx to an OpEx environment.

In an increasingly open and collaborative payments landscape, real-time processing capability is essential to support initiatives such as Open Banking and the ever-growing range of value added services on offer from fintechs and other players. Users of the Fusion Global PAYplus packaged cloud solution will also benefit from Finastra’s open innovation vision and the FusionFabric.cloud ecosystem. As the company continues to open its architecture for third parties to develop upon, it is committed to developing open APIs for this solution. This will enable banks to draw on third party services, including compliance, AML, and fraud, to round out their payments offerings.

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