The cloud agreement builds on the support of 3,000 banks and financial institutions operating across payments, lending, treasury and retail banking on Azure


Building 92 on the Microsoft Redmond campus. (Credit: Coolcaesar/Wikipedia.)

US-based financial technology company Finastra has reached a multiyear cloud agreement with Microsoft to accelerate the digital transformation of financial services.

The cloud agreement builds on the 3,000 banks and financial institutions, already supported by the two companies, operating across payments, lending, treasury and retail banking on Azure.

The agreement is aimed at enhancing the use of technology by banks and credit unions and changing the opinion on sustainable, open finance, said the company.

Finastra CEO Simon Paris said: “This is a truly exciting step change in the relationship between our two companies. 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.”

Finastra Finastra accelerates its product road maps with Microsoft platforms

Finastra has already leveraged Microsoft platforms to bring most of its important solutions to the cloud for its 8,500 customers, along with advancements in data, AI and open banking.

Along with the partnership with Microsoft, the company will also continue to encourage co-innovation of advanced financial services applications through open innovation platform.

The platform is powered by Microsoft Azure, and provides developers with access to Finastra’s core systems for rapid incubation of high-value applications at scale.

In addition, Finastra is also supported by the Microsoft Azure, the Power Platform and Office 365 to transform its business and optimise operations.

Finastra is engaged in building an open platform that speeds up collaboration and innovation in financial services.

Microsoft Cloud + AI executive vice president Scott Guthrie said: “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.

“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.”