Finastra and HCL partner to provide Digital Treasury as a Service in the cloud

Managed service offering helps banks to transform treasury operations quickly and cost-effectively

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Jan 26, 2021, 06:35 ET

LONDON, Jan. 26, 2021 /PRNewswire/ -- Today Finastra, one of the world's largest fintechs, announced a partnership with HCL Technologies, a leading global technology company, to provide treasury management technology in the cloud to smaller banks across Northern Europe, North America, India and the Philippines. The partnership brings to market a new Digital Treasury as a Service offering, which enables banks to manage their treasury operations more efficiently and effectively.

"Market dynamics, increased regulation and competitive pressure to scale mean that the treasury market is ripe for transformation," said Denise Parker, SVP, Partners and Ecosystem at Finastra. "Our strategic partnership with HCL lets us use our combined market reach, agility and scale, to help banks transform and grow their operations in a sustainable and cost-effective way. Banks using the solution can realize significant efficiency gains, manage risk more effectively, react more quickly to market demands and take advantage of future growth opportunities."

Powered by Finastra's Fusion OPICS treasury software and hosted on Microsoft Azure, HCL's Digital Treasury as a Service is ideal for banks with a more focused target market. Fusion OPICS, used by over a hundred banks worldwide, provides cost-effective support for global treasury trading operations, compliance and risk management and enables banks to transform and automate core treasury operations. HCL's Digital Treasury as a Service will encapsulate its contemporary digital and cloud transformation services such as FENIX 2.0, CyberSecurity Fusion Center and ElasticOps for an evergreen, scalable and one-stop-shop treasury solution.

Historically, many banks have been reliant on manual processes for treasury management, which can be error prone and impede growth and agility. With Digital Treasury as a Service, banks will be able to tap into affordable technology that optimizes treasury operations and produces cost savings.

"As banks across the globe accelerate their cloud first strategy, the ability to adopt a secure and accessible Digital Treasury as a Service offering will be essential," said Rahul Singh, President of Financial Services at HCL Technologies. "The combination of HCL's next-generation cloud native services and Finastra's leading treasury software will deliver a seamless customer experience. Our Digital Treasury as a Service will also ensure that banks are future-proofed, improve their risk management and continue to enjoy the latest digital capabilities, as both the treasury application and the cloud technology that underpins it continue to evolve. HCL is proud to partner with Finastra and help banks to continue to grow."

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About Finastra

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

About HCL Technologies

HCL Technologies (HCL) empowers global enterprises with technology for the next decade, today. HCL's Mode 1-2-3 strategy, based on its deep-domain industry expertise, client-centricity and entrepreneurial culture of Ideapreneurship™, enables businesses to transform into next-gen enterprises.

HCL offers its services and products through three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS) and Products & Platforms (P&P). ITBS enables global enterprises to transform their businesses through offerings in the areas of applications, infrastructure, digital process operations and next generation digital transformation solutions. ERS offers engineering services and solutions in all aspects of product development and platform engineering. P&P provides modernized software products to global clients for their technology and industry specific requirements. Through its cutting-edge co-innovation labs, global delivery capabilities and broad global network, HCL delivers holistic services in various industry verticals, categorized as Financial Services, Manufacturing, Technology and Services, Telecom and Media, Retail and CPG, Life Sciences and Healthcare, and Public Services.

As a leading global technology company, HCL takes pride in its diversity, social responsibility, sustainability, and education initiatives. For the 12 months ended December 31, 2020 HCL had consolidated revenue of US$ 10.02 billion. Its 159,682 Ideapreneurs operate out of 50 countries.

For more information, visit www.hcltech.com

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SOURCE Finastra