“Finastra research reveals that views on Open Banking in the United States have matured over the last year, with 68% of respondents considering it either a ‘must have’ or ‘important’, up from 48% last year. Of those who have integrated Open Banking, 100% now say there has been a significant impact to their organization. The ‘Financial Services: State of the Nation Survey 2022’ finds that as more financial institutions understand the business value of Open Banking and the broader context of open finance, many are now moving into a second phase – focusing on shared data and infrastructure. With 56% of US respondents (up from 45%) saying that open finance is now a ‘must have’, this suggests that the sector is actively reviewing products and services that would benefit from an ecosystem model.”

“Finastra today announced a new Center of Excellence (COE) at Malaysia’s MRANTI Technology Park in Bukit Jalil, Kuala Lumpur. MRANTI Park is a hub for technology innovation, commercial adoption, and scientific excellence. It is an ideal location for Finastra to expand its Asia Pacific footprint, further, contribute to the local economy, and promote Science, Technology, Engineering, the Arts, and Mathematics (STEAM) careers in a region dedicated to innovation. Finastra will benefit from MRANTI’s integrated infrastructure and services. It will be able to tap into local IT talent, including from nearby universities and the growing start-up technology community there. The new COE will champion Finastra’s Lending, Universal Banking, Payments and Treasury & Capital Markets software solutions across the region.”

“Finastra today announced the availability of Finastra Digital Banking Insights, an app for Fusion Digital Banking that harnesses the power of data and advanced analytics to provide financial institutions with actionable insights into account holder behavior. The app was built on Azure technology using Microsoft’s Power BI data visualization software developed for business intelligence. Available through Finastra’s FusionStore, it enables banks and credit unions that use Fusion Digital Banking to increase revenue, reduce costs and improve customer satisfaction.”

“Glia, the leading provider of Digital Customer Service (DCS), has teamed up with Finastra, a global provider of financial software applications and marketplaces, to help financial institutions to improve the digital customer experience. Via its FusionFabric.cloud platform and Fusion Digital Banking solution, Finastra will offer Glia’s Digital Customer Service (DCS) capabilities as a new app. With Glia, financial institutions can meet customers where they are and communicate through whichever method they prefer—including messaging, video banking and voice—and guide them using CoBrowsing. Glia’s technology balances the use of AI for automating customer interactions with vital human touch. It provides continuity by keeping conversations in the digital domain, eliminating the need for customers to spend time providing context again via clunky phone experiences.”

“Finastra and Visa (NYSE: V) today announced a Banking as a Service (BaaS) collaboration to co-develop new functionality on its Payments Hub solutions and implement Visa Direct2 – which provides access to more than two billion accounts through push to account offerings. The new capability will give Finastra’s bank customers around the world access to cross-border payouts capabilities for small- and medium-sized businesses, and individuals, in multiple currencies and countries. “This BaaS partnership will allow banks to offer their customers greater choice in how to route cross-border payments, with banks essentially embedding Visa products,” said Barry Rodrigues, EVP Payments Business Unit at Finastra. “We are excited to partner on this proposition with Visa as it provides a very attractive solution for banks seeking to help increase overall customer satisfaction and loyalty through a transparent and cost-effective digital payments option.””

“Embedded finance is growing in popularity, aiming to attract companies in any industry that are looking to implement financing solutions to their business. Lending is and will continue to be a huge part of the embedded economy – it’s all about customers being able to access financing when they are making a purchase, whether they’re buying a hot tub or need to fix a faulty pipe in their home.   Embedded lending is point-of-sale financing, but it’s not buy now, pay later (BNPL). It allows access to traditional regulated lending products offered by financial institutions.”

“Finastra today unveiled its embedded consumer lending solution, enabling access to traditional regulated lending options for consumers at point-of-sale (POS). Financial institutions, distributors and merchants will benefit from a platform that makes it easy for their customers to access lending options. For end consumers, Finastra Embedded Consumer Lending aims to make the buying process as frictionless as possible, providing more options to consumers and an alternative to the Buy Now Pay Later approach, which is often not applicable to high value purchases. For merchants, the BaaS platform provides access to numerous lenders and their specific products. And for financial institutions, Finastra Embedded Consumer Lending provides access to a marketplace of distributors and merchants to distribute their banking products.”