Citizens Bank partners with Finastra and Infosys for trade finance solution
Rhode Island-based Citizens Bank has selected Finastra, the UK-based provider of financial software solutions, to power the trade finance solution it offers to its corporate clients. Indian software company Infosys will be the bank's implementation partner.
The aim of this new capability is to enable Citizens Bank’s corporate clients to digitize traditionally paper-based trade processes, leading to increased efficiencies and reduced costs.
Jasmeet Singh, Senior Vice President and Industry Head, Americas, Financial Services at Infosys said: “Infosys will work with Finastra to deliver a cloud solution that helps Citizens Bank achieve its connected corporate banking ambitions, enabling digitisation of trade processes.”
Citizens Bank and its corporate clients will access integrated trade finance capabilities via FinCloud, Finastra’s private cloud solution.
“In addition to providing the best trade finance solution on the market, Finastra met our demand for a strategic partner that could provide other corporate banking solutions, such as syndicated lending and supply chain finance, as our needs evolve,” said Michael Cummins, Head of Treasury Solutions at Citizens Bank.
Nadeem Syed, CEO of Finastra added: “Citizens Bank is not only changing the way they deliver trade finance solutions to their corporate customers in the near future, but will be well-prepared to scale their corporate banking business in the years ahead”. He also explained that Finastra has seen increasing demand for a “truly connected” corporate banking experience, where multiple corporate banking applications are fully integrated on a single platform.