Finastra launches pre-packaged payments solution for small and mid-sized banks
London, UK – October 5, 2020 – Finastra today revealed Fusion Payments To Go – its payments solution aimed at small and medium-sized banks looking to implement domestic and cross-border payment services in Europe, the US and South Africa. The solution comes pre-packaged, with reduced fixed implementation costs, and rapid, secure and scalable deployment in the cloud on Microsoft Azure. Banks will benefit from reduced costs and risks associated with system maintenance, whilst meeting changing market regulations and customer demand for frictionless and immediate payments.
Built on Finastra’s payment hub, Fusion Global PAYplus, Fusion Payments To Go provides best-practice functionality and operating rules for supported clearing and settlement mechanisms, along with standard integration to external applications. It removes the need for expensive scheme maintenance, meaning that banks can redirect these funds towards the delivery of innovative business services that will improve the customer experience and deliver revenue growth. Fusion Payments To Go is available to mid- and small-tier banks in Europe interested in implementing RT1 and/or TIPS immediate payments, as well as the FED and TCH immediate payment schemes in the US, with other schemes to follow. It also supports banks worldwide looking to implement SWIFT.
Sagive Greenspan, Senior Vice President and General Manager, Payments at Finastra said, “Fusion Payments To Go offers a paradigm shift in how we design, develop and deploy payments software - part of our commitment to connecting financial institutions, consumers and businesses around the globe through modern payment solutions. Its pre-packaged and pre-certified configuration, coupled with best-practice payment workflows, means that it can be deployed in a short timeframe, enabling banks to move with agility and modernize without risk. This allows smaller banks to enjoy the same robustness as with Fusion Global PAYplus, but in a quicker and more cost-efficient way.”
Delivered as Software as a Service (SaaS), Finastra looks after all elements from contracting, onboarding, service operations and upgrades, to billing - reducing the bank’s operational costs and providing a faster time to market. By deploying in the cloud, banks can accelerate growth and scale as their needs evolve. The solution will grow with the bank via an evergreen service aligned to all relevant regulatory and market infrastructure changes.
“Customers are looking for fixed onboarding time, fixed price and fixed scope and that’s what we deliver with this offering. The availability of Fusion Payments To Go in the cloud means that we are helping banks elevate payments to a new level today, but we’re also giving them access to the latest value-added services via our open development platform, FusionFabric.cloud, for access to continuous innovation in the future. Ultimately, we’re enabling mid-sized organizations to be more competitive, grow their business and market share, with faster time to value for them and their customers,” said Paul Thomalla, Global Head of Payments at Finastra.
“The payments landscape is going through a unique period of change. Market initiatives, such as ISO20022 adoption and constant changes to regulations, added to increasing expectations for a better customer experience and improved security, can put a significant amount of pressure on legacy systems and smaller banks. They are increasingly looking for packaged solutions that reduce the cost and risk of maintaining these current ecosystems, let alone new ones. A pre-packaged solution, that is easy to deploy and maintain, could enable banks to focus on what matters most to them and in turn grow their business”, said Gareth Lodge, Senior Analyst, Celent.
To find out more about the solution, visit this page.
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Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com.
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