Corvallis and Finastra extend partnership to help Italian banks accelerate their instant payments offerings

News provided by

Sep 25, 2023, 03:00 ET

The partnership will fast-track the modernization of IT infrastructures and adoption of real-time payments ahead of the EU's mandatory transition to instant credit transfers

LONDON, Sept. 25, 2023 /PRNewswire/ -- Finastra, a global provider of financial software applications and marketplaces, today announced its extended partnership with Corvallis, Tinexta Group, a leading IT services provider in the Italian financial services sector, to support Italian banks with their payment transformation journeys. The collaboration extends the scope from Finastra's SaaS digital banking solution, Essence, to include Finastra Payments To Go, an end-to-end SaaS payment processing solution, and Global PAYplus, a functionally-rich payment hub solution. By facilitating SEPA and international payments, Italian banks can comply with the upcoming European instant payments regulation and modernize outdated and complex IT infrastructures.

"Our partnership supports the imminent entry into force of the European regulation on instant bank transfers in euros, which will make instant payments mandatory without additional costs," said Giampietro Vavassori, Business Solution Director at Corvallis. "This requires a radical overhaul of current, often temporary solutions that are not suited to support the expected increase in instant payments transfers, which will gradually replace ordinary transfers. As payments have evolved, the introduction of additional application modules and integration layers have led to complex, layered and difficult to manage architectures. Finastra's payments solutions help to simplify this complexity by eliminating existing legacy payments silos, streamlining processes and enabling access to new market opportunities."

Payments To Go is an end-to-end SaaS payment processing solution that enables banks to fast-track their instant payments services rollout and deliver flexible digital payment offerings faster and more efficiently. Global PAYplus offers a broad suite of payments services spanning high-value, mass and real-time payments in a single solution, based on microservices and an ISO 20022 native data model. Corvallis has extensive implementation expertise and offers complementary solutions, such as for anti-money laundering (AML), payment and settlement and fraud management.

"Extending our partnership with Corvallis demonstrates our mutual commitment to equipping Italian banks with the right tools to embrace the modern age," said Merten Slominsky, Managing Director EMEA, Payments at Finastra. "With our evergreen solutions that enable seamless integrations with third party services through APIs, Corvallis' customers can pursue ongoing payments innovation and adapt quickly to new regulatory and customer demands. The collaboration combines technological innovation with extensive industry and regional expertise, driven by a common vision of enabling the future of payments."

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com

About TinextaCyber SpA
TinextaCyber (Tinexta Group) is the Italian cybersecurity hub with strong vertical skills and proprietary custom solutions for digital security risks mitigation and governance. With Italy based services and in compliance with EU data residency, data protection and GDPR regulations, the company assists customers with specialized assessment and advisory activities. It lays out the design, development and integration of solutions, also taking care of their monitoring and management.

The company operates through its subsidiaries Corvallis, Swascan and Yoroi. In particular, Corvallis boasts extensive experience as a provider of high-value and tailor-made solutions for large-scale projects, not limited to financial companies. Swascan, a cybersecurity excellence center in the Italian landscape, is a trusted reference point for IT security, incident management, and regulatory compliance, especially for SMEs. Yoroi provides adaptive and dynamic integrated cyber defense systems to those seeking to prevent risks or reduce damage from potential cyberattacks.

Through the Cyber Hub, these three companies guarantee the client's security with solutions for the mitigation and governance of the risks deriving from cyber-attacks, making companies increasingly competitive.

Logo - https://mma.prnewswire.com/media/1916021/FINASTRA_Logo.jpg

SOURCE Finastra