Finastra CTO: Data is the "big play" in firm’s new SaaS payment solution

Breaking: Finastra CTO reveals how new immediate payments solution for small and mid-sized banks is ahead of market.

by | October 22, 2018 | Finastra

Finastra revealed its cloud-based instant payments offering for small and mid-sized banks at Sibos 2018 today, in Sydney, Australia.

The Fusion Global PAYplus packaged solution – which has a release date of Q2 next year – will enable tier three and four financial institutions in the EU and US to enjoy the benefits of the cloud. But the real benefits are in the tool's data management capabilities. 

“This product epitomises a fundamental shift in the market,” said Eli Rosner, Finastra's chief product and technology officer on the sidelines of Sibos. “We’re taking our products holistically to the cloud. We want to reduce cost of ownership and pass that on to the end-banks. But that is not the play,” he said. “The big play is about data.”

“Look at the way Amazon uses its data. It collects data from the supply chain and data from the customer and pairs the two together. It sits in the middle and orchestrates the data of supply and demand. Diversification is what gives them the power,” said Rosner.

“Why hasn’t any bank stepped up? They have the corporate and consumer relationships and valuable, valuable data. Why aren’t they signing partnerships with retailers to get level three data? 

“The biggest problem banks have is a cultural one, not a technological one. And they could become a Blackberry competing against the iOS's of the world. Others are going to eat the banks’ lunch.

“This payments package product looks to level the playing field and enable tier three and four banks to diversify and orchestrate that ecosystem.” said Rosner.

In a market enjoying the convergence of more competition, new problems requiring new solutions and the brave new world of cloud and API culture, it is a climate ripe for platformification and real leveraging of the fintech ecosystem. 

Customer demand for real-time insight into their payments is propelling that API ecosystem, reveals an Accenture report, with a projected 20% increase in revenue from banks working in the area. 

“Consumers and businesses alike are demanding real-time, connected experiences, driving banks to deliver next generation API services," said Gareth Wilson, managing director, global payments at Accenture, in the report. "Advanced payments-related APIs will be essential in helping banks drive innovation and transformation, enabling banks to deliver new services.” 



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