London-based financial technology giant Finastra has partnered with HCL Technologies to offer the latter’s cloud-based treasury management solutions to small banks across Northern Europe, India, the Philippines and North America.
The digital treasury-as-a-service will run Finastra’s Fusion Opics treasury software at the backend, which will be hosted on Microsoft Azure, a statement said. The SaaS solution, it said, will help banks that are hyper focused on a target market.
“Market dynamics, increased regulation and competitive pressure to scale mean that the treasury market is ripe for transformation,” Denise Parker, senior vice president of partners and ecosystem at Finastra, said.
“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,” Parker said.
Fusion Opics is used by over 100 banks worldwide and provides support for global treasury trading operations, compliance and risk solutions, as well as in automation of treasury trading.
HCL said the digital treasury-as-a-service will ring together its contemporary cloud services such as FENIX 2.0, CyberSecurity Fusion Center and ElasticOps.
“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,” Rahul Singh, president of financial services at HCL Technologies, said.
Singh added that the solution would improve risk management capabilities of the banks and future proof investments.
Founded by Kevin Lomax in 2017, Finastra currently has offices in 42 countries, nearly $1.9 billion in revenues and employs over 9,000 people.