- Finastra and Tesselate announced a partnership to facilitate faster and easier trade finance digitization.
- The two companies launched Tegula Trade Finance as a Service which enables banks to automate manual processes, increase efficiencies, and reduce processing times.
- Finastra was formed in 2017 from a merger between Finovate alum Misys and D+H.
A partnership between Finastra and digital transformation consultancy Tesselate will facilitate faster and easier trade finance digitization courtesy of a new end-to-end pre-packaged service. Launched today, Tegula Trade Finance as a Service empowers banks in the U.S. to automate manual processes and adapt to emerging events with a faster time to market and value. Banks can also leverage Finastra FusionFabric.cloud to integrate fintech applications and take advantage of enabling technologies such as AI and the blockchain.
“Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership,” Finastra Managing Director and Head of Enterprise Sales and Strategic Partnerships, Americas, Jim McMahon said. “Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services.”
The new offering is powered by Finastra Trade Innovation and Corporate Channels. Finastra Trade Innovation is an end-to-end solution that facilitates frictionless trade and supply chain finance via straight-through processing, digitization, and data analytics to support growth and agility. Corporate Channels is a digital banking platform that gives banks a unified portal for trade, cash, supply-chain finance, lending, and treasury services for corporates. These technologies, and easy integration, help make Tegula Trade Finance as a Service a tool banks can use in order to boost revenue, take advantage of new market opportunities, enhance security, and future-proof their business.
“By delivering our all-in-one joint solution as a highly secure managed service, banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitization,” Tesselate Chief Revenue Officer and Managing Partner Alexandre Arnoux said. “Banks can take a modular approach to implementation for better cost and resource control, and we provide the ongoing updates, enhancements, and new capabilities at speed.”
A digital transformation consultancy and integrator headquartered in Paris, France, Tesselate advises FIs on digital strategy and supports them in their digital transformation journeys. This includes helping them implement and integrate enabling technologies and software solutions from Tesselate’s partners to improve operational efficiency and support growth. Founded in 2010, the company last month announced a partnership with Swiss fintech MITech.
Formed via a merger between Finovate alum Misys and D+H in 2017, Finastra serves financial institutions of all sizes with a wide variety of solutions and services across lending, payments, treasury and capital markets, as well as universal banking. The company’s offerings help FIs develop and grow banking relationships via channels such as embedded finance and Banking as a Service. More than 8,000 institutions – including 45 of the top 50 banks in the world – use Finastra’s technology to support open banking and fuel collaboration.
Headquartered in London, Finastra began the year announcing an upgraded partnership with Allied Banking Corporation and a new collaboration with Vietnam-based LPBank. The company also announced last month that it has teamed up with data and AI company Databricks. The partnership will enable Finastra to further leverage its data and to deliver value-added solutions with Generative AI capabilities. Finastra has also used Databricks to set up a data platform, Secure Zone, for its developers. Simon Paris is Finastra’s CEO.