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Finastra sees accelerating adoption

Company affirms growing demand for open innovation with Thomson Reuters, Efficiency MC, Conpend and BankBI on board 

At its regional flagship thought leadership event, Finastra Universe Paris, Finastra today welcomed new companies to the open architecture. Among the early adopter Fintechs, consultants, banks and academics using the platform to develop and deploy innovative apps are Efficiency MC, Conpend and BankBI. In addition, Thomson Reuters joins Finastra’s innovation ecosystem as a data provider.

Hugh Cumming, CTO, Platforms, Finastra said, “Built from the ground up on our trusted, open technology stack, the platform is gathering significant pace, signalling growing demand and energy within the industry for open innovation. It is a refreshing change in mind-set that offers big benefits in terms of bringing new products to market faster and driving down development costs. The platform is very much part of our collaborative ethos and will ultimately change the way software is developed and deployed.”

Thomson Reuters is currently embedding its instrument reference data into

Brennan Carley, Global Head of Enterprise at Thomson Reuters said, “This collaboration is all about making it easy for customers to access the valuable insight our market leading reference data delivers. Our open, agile Elektron Data Platform means we can integrate rapidly with partners such as Finastra to power the apps on its ecosystem with our trusted data and provide customers with choice in how they consume our content.”

Paris-based system integrator, Efficiency MC, is using the platform to develop an interest rate derivatives pricing model app.

Alexandre Arnoux, Associate Director at Efficiency MC said, “The beauty of the platform is that it enables us to work on multiple projects and we’ll be able to deploy the apps at low cost, as they are ready for market. We are also exploring additional apps for Fusion Invest, the Finastra investment management solution, and Finastra’s FusionBanking Trade Innovation, for trade finance.”

European Fintech, Conpend, is using to develop apps for corporate banking.

Marc Smith, Founder and Managing Director at Conpend, said, “Interest in AI and machine learning is growing daily in the industry and it’s no surprise given the benefits they can bring. However, AI needs data and developing in this environment enables us to build powerful solutions for corporate banking quickly and easily since everything on the platform is accessible through open APIs. What’s more, the architecture is a pleasure to work with and has made integrating Automated Transaction Screening into the platform a breeze.” 

Cloud focused Fintech, BankBI, has a Performance Management and Analytics application for to complement the Finastra retail banking solutions, including C-suite dashboards.

Paul Sutherland, COO at BankBI said, “ enables us to access open APIs to enhance the richness and efficiency of our solution. Tight integration to core banking data and the ability to develop on a cutting edge platform, without having to write copious code offers significant advantage. Being part of this open innovation ecosystem affords us speed to market and increases our effectiveness, but more than that it reflects the future of development in financial services.”

Other users of include RaisePartner, GMS and University College London. Companies keen to join the ecosystem and develop on the Finastra platform can register interest on the new website here.

Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 48 of the world’s top 50 banks use Finastra technology.