Finastra and ITC Infotech extend European partnership to deliver treasury automation in the cloud

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Jun 22, 2022, 04:34 ET

Users benefit from rapidly deployed, cloud-hosted, Treasury as a Service

LONDON, June 22, 2022 /PRNewswire/ -- Finastra today announced a strategic partnership with ITC Infotech to deliver Finastra's Fusion Kondor cloud-based Treasury as a Service solution to its growing customer base in Europe. Customers will benefit from increased automation of treasury services, an evergreen system that keeps pace with regulatory change, and rapid time to go-live for new features and functionalities. The partnership strengthens Finastra's long standing relationship with ITC Infotech.

Anindya Roy, President - Europe at ITC Infotech commented, "Banking treasury teams are looking to modernize their processes and improve their operational resilience. The Kondor Treasury as a Service solution will enable banks to harness treasury technology quickly, to automate manual processes, reduce dependency on spreadsheets and legacy technology, and improve cost efficiency. Finastra's technology is market-leading, and we are excited to bring customers a seamless managed services proposition, which is easy and quick to implement, and significantly reduces cost overheads across treasury, risk and compliance."

"Capacity to build and run treasury systems at many banks is a challenge, and with increasing regulations to comply with, an automated solution that fills operational gaps can be ideal," said Monica Summerville, Head of Capital Markets, Celent. "Leveraging cloud delivery, bank employees can focus on their core roles, rather than worrying about underlying IT. This route also provides treasury managers the visibility and flexibility to easily comply with regulations, for which requirements are constantly updated within the solution, including Basel IV, EU CRR IV, FRTB, SA-CCR, and IRRBB."

The solution could be up and running in as little as 90 days, as it is designed ready-to-use and pre-configured with best practice models. Ahead of implementation, customer value experts from Finastra and ITC Infotech spend time with the bank's treasury, operations and IT teams to review the current architecture, helping to mitigate risk and ensuring a future proof solution in a secure cloud. Banks using Finastra technology can also tap into the FusionFabric.cloud open development platform to access innovative apps.

Wissam Khoury, EVP, Treasury & Capital Markets Business Unit at Finastra said, "ITC Infotech has been a long-standing partner of ours and it makes sense to expand on our proven delivery track record, to bring banks in Europe, access to leading treasury technology in the cloud. Together we will deliver our treasury platform as a managed services offering, creating a compelling solution for our joint customers to take advantage of new capabilities such as liquidity management. This move aligns well with our commitment to orchestrating ecosystems that bring real value to the financial services industry."

For further information please contact:

Caroline Duff                                                    Priya Trivedi
Global Head of PR Head Media Relations
T +44 (0)7917 613586                                     T +91 815106622
E [email protected] E- [email protected]
finastra.com                                                     itcinfotech.com

About ITC Infotech

ITC Infotech is a leading global technology services and solutions provider, led by Business and Technology Consulting. ITC Infotech provides business-friendly solutions to help clients succeed and be future-ready, by seamlessly bringing together digital expertise, strong industry speciﬁc alliances and the unique ability to leverage deep domain expertise from ITC Group businesses. The company provides technology solutions and services to enterprises across industries such as Banking & Financial Services, Healthcare, Manufacturing, Consumer Goods, Travel and Hospitality, through a combination of traditional and newer business models, as a long-term sustainable partner. ITC is one of India's leading private sector companies and a diversified conglomerate with businesses spanning Consumer Goods, Hotels, Paperboards and Packaging, Agri Business and Information Technology. For more information, please visit: http://www.itcinfotech.com/

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 solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital 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 ~8,600 institutions, including 90 of the world's top 100 banks. For more information, visit finastra.com.

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SOURCE Finastra