Finastra, HCL to Provide Cloud-Based Digital Treasury Management for Filipino Banksby Fintech News Philippines January 27, 2021
Finastra, a financial services software and cloud solutions provider, announced a partnership with HCL Technologies, an Indian multinational technology company, to provide treasury management technology in the cloud to smaller banks across the Philippines, India, Northern Europe and North America
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.
HCL’s Digital Treasury as a Service will be powered by Finastra’s Fusion OPICS treasury software and hosted on Microsoft Azure.
Fusion OPICS will provide cost-effective support for global treasury trading operations, compliance and risk management and enable 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 a 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.
Finastra said that with the Digital Treasury as a Service, banks will be able to tap into affordable technology that optimises treasury operations and produces cost savings.
“Market dynamics, increased regulation and competitive pressure to scale mean that the treasury market is ripe for transformation. 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 realise significant efficiency gains, manage risk more effectively, react more quickly to market demands and take advantage of future growth opportunities.”
said Denise Parker, SVP, Partners and Ecosystem at Finastra.
“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.”
said Rahul Singh, President of Financial Services at HCL Technologies.