Finastra and Microsoft announce a multiyear global strategic agreement to accelerate transformation of financial services

Rhea-AI Summary

Microsoft Corp. has entered a strategic, multiyear cloud agreement with Finastra to boost digital transformation in financial services. This collaboration aims to support over 3,000 financial institutions via Azure, enhancing technology use in banking. Finastra's open developer platform, FusionFabric.cloud, will facilitate innovation, while Microsoft tools like Azure and Office 365 will drive operational efficiencies. The partnership aligns both companies’ visions for a digital-first financial future, potentially increasing productivity and client engagement.

Positive

• Strategic multiyear cloud agreement aimed at accelerating digital transformation in financial services.
• Support for over 3,000 banks and financial institutions via Microsoft Azure.
• Finastra's FusionFabric.cloud platform encourages co-innovation for high-value applications.
• Use of Microsoft tools enhances operational efficiencies and employee collaboration.

Negative

• None.

LONDON and REDMOND, Wash., July 20, 2020 /PRNewswire/ -- Finastra and Microsoft Corp. on Monday announced a strategic, multiyear cloud agreement to help accelerate the digital transformation of financial services.

"This is a truly exciting step change in the relationship between our two companies," said Simon Paris, CEO, Finastra. "We believe the future of finance is open. Together with Microsoft, we can provide people, businesses and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone. As the pandemic has brought the future forward with regard to digitization, our vision to transform the world of financial services aligns closely with Microsoft's ambitions, and I believe that together we can help accelerate this digital shift."

This move marks a commitment and builds on the 3,000 banks and financial institutions already supported by both companies across payments, lending, treasury and retail banking on Azure. The agreement, paired with the unparalleled disruption of the industry, will reimagine the way banks and credit unions use technology and how we all think about sustainable, open finance. Using Microsoft platforms has already enabled Finastra to accelerate its product road maps to bring even more of its mission-critical solutions to the cloud for its 8,500 customers, alongside advancements in data, AI and open banking.

"Finastra's open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services. By helping with capabilities such as e-signatory and e-notary, Finastra is able to quickly extend those solutions for more customers," said Scott Guthrie, executive vice president, Cloud + AI, Microsoft. "We're thrilled to be working with Finastra to transform the future of financial services by accelerating its move to the cloud. Together we will fuel the digital transformation of financial services, and by delivering on operational efficiencies and reducing risk, we will help increase productivity and enable deeper client engagement."

Along with the strategic partner relationship, Finastra's FusionFabric.cloud open innovation platform will continue to encourage co-innovation of next-generation financial services applications. Powered by Microsoft Azure, it allows developers unprecedented access to build on top of Finastra's core systems for faster incubation of high-value applications at scale.

Microsoft Azure, the Power Platform and Office 365 are also helping Finastra to transform its own business and optimize operations. With a focus on creating a workplace of the future, these technologies are supporting smart working, delivering greater collaboration and driving a "digital-first" mindset among employees. The Microsoft Workplace Analytics capabilities — with deeper insight gained from data — are also enabling faster, definitive decision-making.

About Finastra

Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com.

About Microsoft

Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.

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SOURCE Microsoft Corporation

FAQ

What is the new agreement between Microsoft and Finastra?

Microsoft and Finastra announced a strategic multiyear cloud agreement to enhance digital transformation in financial services.

How does the Microsoft-Finastra partnership impact financial institutions?

The partnership supports over 3,000 financial institutions, helping them leverage Microsoft Azure for improved technology and services.

What is FusionFabric.cloud in relation to Finastra?

FusionFabric.cloud is Finastra's open developer platform that promotes co-innovation for creating financial services applications.

What are the expected benefits of the Microsoft tools for Finastra?

Microsoft tools are expected to drive operational efficiencies and foster a collaborative work environment within Finastra.

When was the Microsoft and Finastra agreement announced?

The agreement was announced on July 20, 2020.