Finastra Expands Cloud Offering with Banking Solution for Small- and Mid-Sized Banks

Fintech provider Finastra has revealed its new, cloud-based instant offering for small and mid-sized banks. The Fusion Global PAYplus solution is aimed at tier three and four financial institutions in the EU and US, looking to migrate to the cloud without the cost and on-premise infrastructure requirements that may have previously been a barrier to entry. Based on Microsoft Azure, the pre-defined offering will be generally available in Q2 2019. The package will include central updates, allowing all users instant access to new features and functionality, including SWIFT and clearing scheme updates. The SaaS model also allows for standardised pricing and onboarding processes. Fusion Global PAYplus competes with a number of existing tools in the market. As banks’ use and understanding of the cloud becomes increasingly sophisticated, Finastra is looking to offer specific tools for a variety of client profiles. “We will enable small and mid-sized banks to step up to the plate and really compete in the cloud environment. Where the largest banks would likely prefer our private cloud solution, small and mid-sized banks crave cost-effective packaged solutions which are quick to deploy and avoid legacy platform complications, but still deliver a state-of-the-art product. We’re responding to this increasing demand for hosted payments solutions with a compelling offering built on our deep domain expertise, in combination with Microsoft,” explained Sagive Greenspan SVP, General Manager, Payments at Finastra.