Finastra unveiled three core components of its FusionFabric.cloud platform at Money20/20 in Amsterdam.
“FusionFabric.cloud is our most exciting launch in our history,” says Mitesh Soni, senior director of innovation and fintech at Finastra.
Combined, the components accelerate processes for the existing clientbase of 9,000 banks and financial institutions and give fintechs access to a global marketplace. Features include:
FusionCreator: A rapid development environment for financial applications with low-code capabilities and integrated API management tools
FusionOperate: A management system to deploy and operate applications in a secure cloud infrastructure
FusionStore: An online marketplace for banks to search, try and buy applications
“We’re changing the way banks develop, deploy and consume financial software using the cloud as an enabler,” says Soni. “In the past, if a financial service wanted to develop an application, they would need large teams to develop the enormous tech stacks. A lot of that tech is now commoditised and, with this new platform, Finastra has reduced development time from months to days in a low code environment.”
Continuing a strong theme often prevalent in Money20/20, collaboration in the form of platformification is the key to the future success of the fintech community, with nearly 40% of banks using or actively investigating platforms, according to research. Some 60% ranked the benefits of accessing new technologies and being able to build and test in an agile way either first or second priorities.
This platform goes some way to sharing technological benefits to the Finastra community and their global marketplace with 60 fintechs already signed up including Accenture, BankBI and Conpend.
Newly appointed CEO Simon Paris gave a clear signal to how Finastra was approaching the future in a statement: “We firmly believe that collaboration is the new way of innovating and FusionFabric.cloud makes this possible.
“The move to bank as a platform or banking as a service will redefine the future of financial services and we are at the forefront, bringing banks and fintechs together to allow faster innovation at much lower costs.
“We are changing the way that financial services software is developed, deployed and consumed, like no one else – building the foundations of a completely new financial services ecosystem and marketplace, and thereby unlocking the potential of people and businesses alike. Our vision is to be the number one open platform for innovation in the world of financial services, and FusionFabric.cloud is already blazing a trail.”