Latest news with #Finastra
Finextra
a day ago
- Business
- Finextra
Finastra wins Banco de Costa Rica contract
Finastra, a global provider of financial services software applications, and TCMpartners, a leading consulting firm in digital transformation within the financial services industry, today announced that Banco de Costa Rica (BCR) has signed a strategic agreement to launch its International Trade Automation Project. 0 The project is powered by Finastra's Payments To Go and Trade Innovation solutions and facilitated by TCMpartners. The two solutions will enhance foreign trade and international payments practices, driving innovation and operational excellence. Additionally, the project will fully automate BCR's international transaction processes, providing greater speed, security, and traceability in cross-border payments. The capabilities of Finastra's solutions align closely with BCR's strategic objectives, which aim to offer world-class multi-channel financial services and position the bank at the forefront of technological advancement. The project also modernizes and automates BCR's payments services, directly benefiting Costa Ricans and customers abroad. Through the Payments To Go payment hub, incoming and outgoing international transfers will be streamlined, improving efficiency and ensuring compliance with the ISO 20022 standard. Additionally, the new implementation of Finastra's Trade Innovation system will facilitate international trade operations between exporters and importers, boosting Costa Rica's economic growth. Importantly, integrating these business processes into the bank's digital channels will allow users to make international transfers 24/7, enhancing the customer experience and promoting financial inclusion. "In partnering with Banco de Costa Rica and TCMpartners, we are excited to contribute to the growth of the financial sector in Latin America," said Cris Melloni, Director of Sales, Americas at Finastra. "This project exemplifies our commitment to serving our customers, providing innovative solutions that enhance operational efficiency and the user experience. We believe that through technology and collaboration, we can drive significant progress in the region." With the launch scheduled for next year, the international transaction automation project will mark an important milestone in BCR's digital transformation efforts, offering its customers a more agile and efficient experience. "Innovation and organizational transformation go hand in hand, as both require a mindset open to change and a focus on learning and continuous improvement. At BCR, we are proud and pleased to innovate with this new international transfer platform. Our goal is to offer an agile, safe and 24/7 experience for clients, for which we are working hard hand in hand with Finastra,' said Julio César Trejos Delgado, Gerente General a.i. at BCR. "We are proud to collaborate with Banco de Costa Rica on this strategic initiative, aimed at providing its customers with a unique experience that allows them to receive additional services and reduce response times. This project will position Banco de Costa Rica at the forefront of technological innovation in Latin America," said Rafael Sainz, CEO of TCMpartners.
Yahoo
6 days ago
- Business
- Yahoo
Finastra Positioned as a Leader in the 2025 SPARK Matrix: Integrated Payment Platform by QKS Group
Middleton, Massachusetts, May 29, 2025 (GLOBE NEWSWIRE) -- The QKS Group SPARK Matrix™ provides a competitive analysis and ranking of the leading Integrated Payment Platform vendors. Finastra has received strong ratings for its Integrated Payment Platform. The solution demonstrates high performance across both technology excellence and customer impact parameters. QKS Group announced today that it has named Finastra as a 2025 technology leader in the SPARK Matrix™: Integrated Payment Platform, 2025. Pradnya Gugale, Principal Analyst at QKS Group, states, 'Finastra delivers a scalable and modular payment infrastructure through its Global PAYplus and Payments To Go solutions, enabling financial institutions to process high-value, real-time, and cross-border payments with multi-rail interoperability. Its Global Payments Framework approach offers flexible deployment models, API integration, and workflow orchestration tailored to institutions at various stages of modernization. With support for ISO 20022, AI-enabled compliance, and advanced fraud prevention, Finastra ensures operational resilience and regulatory alignment. Finastra is positioned as a SPARK Leader in the 2025 SPARK Matrix, which makes it a compelling option for banks seeking a future-ready, enterprise-grade payment platform." The QKS Group SPARK Matrix™ includes a detailed analysis of the global market dynamics, major trends, vendor landscape, and competitive positioning. The study also provides a competitive analysis and ranking of the Integrated Payment Platform providers in the form of the SPARK Matrix™. The study provides strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market positions. Barry Rodrigues, EVP Payments at Finastra, said, 'Being recognized as a leader in the 2025 SPARK Matrix demonstrates Finastra's commitment to delivering reliable and resilient payment hub solutions for mission critical transaction processing. Offering an enhanced customer experience, our scalable, microservices based, modular payment infrastructure enables modern, innovative and future-proof payment platforms for financial institutions both large and small around the world. This recognition by QKS Group highlights our dedication to delivering multiple payment rails that meet the evolving needs of our customers.' Additional Resources: For more information about Finastra, visit here For more information about the report, visit here About Finastra Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit Media Contact James McKennaSenior PR Manager, 845-546-2745 About QKS GroupQKS Group is a global advisory and consulting firm focused on helping clients achieve business transformation goals with Strategic Business and Growth advisory services. At QKS Group, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments. For more available research, please visit ResearchMedia Contacts:Shraddha Roy PR & Media Relations QKS Group Regus Business Center 35 Village Road, Suite 100, Middleton Massachusetts 01949 United States Email: shraddha.r@ Content Source: us on LinkedIn: CONTACT: Shraddha Roy PR & Media Relations QKS Group Regus Business Center 35 Village Road, Suite 100, Middleton Massachusetts01949 United States Email:shraddha.r@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Business
27-05-2025
- Business
- Arabian Business
‘Agentic AI' takes over credit sanctions role as UAE banks make major strides in digital banking
'Agentic AI' is fast making major inroads into the UAE banking sector – moving beyond chatbots to autonomous decision-making in credit and customer experience – with some of the banks already going live with them for granting personal loans and SME financing – amidst rapid digital banking initiatives in the region, sector experts said. The digitalisation drive is also seeing the emergence of major partnerships between banks and fintechs to deploy AI and data to deliver context-aware offers at the customer's moment of need, besides cutting operational expenses in the banking sector. Emirates NBD's digital-only bank is among the UAE banks which have moved from the pilot stage to live models for autonomous underwriting, while fintechs such as UAE-based leading digital SME lending platform Beehive are partnering with banks for its AI 'credit bot' model designed for scaling in SME finance. UAE fintech sector to hit $6.43bn by 2030 'Autonomous underwriting is no longer confined to pilots – in the UAE, it is already in action,' Siobhan Byron, EVP – Universal Banking at Finastra, a London-headquartered financial software major, told Arabian Business. 'Liv., Emirates NBD's digital-only bank, now grants personal loans of up to AED 200,000 directly in-app with a sub-three-second service-level agreement and zero human touch,' she said. Byron said the AI agent ingests bureau scores, salary flows and real-time behavioural signals, renders an approval or decline, books the loan to the core and pushes funds to the customer wallet – in one atomic workflow. Similarly, Beehive uses machine-learning risk models fed by cash-flow, e-commerce and utility-payment data to auto-approve working-capital tickets in hours rather than weeks. Digital banking dominance ahead Industry players said the rapid digitalisation comes in the wake of an increasing realisation that, going forward, the combination of the lowest unit cost and deep personalisation at scale will define market dominance in the region. They said banks that seize the platform opportunity will be able to accelerate their migration to an augmented, cloud-native banking core, while monetising data and APIs through open banking frameworks and across non-bank channels. Industry executives said such banks will also be able to scale rapidly by leveraging partnerships instead of building everything in-house. Those that hesitate will be vulnerable to loss of market share, they said. Byron said Finastra's 'Financial Services – State of the Nation 2024' report showed that 71 per cent of UAE institutions increased their budget for modernisation, such as cloud-native and API-first projects, in the last year, the highest ratio of any market surveyed. 'From a Finastra Universal Banking point of view, we're seeing increased spend in areas such as retail banking and Islamic finance,' she said. The Finastra senior executive said MENA banks that orchestrate partner ecosystems – instead of building everything themselves – will lead the region's $11 billion-plus digital banking platform boom. Emerging partnership and revenue models Sector experts said even as the fintech-bank partnerships for the digitalisation drive are on the rise, there are various partnership and revenue-sharing models are in the works to preserve the bank's primacy while providing partners ample room to innovate. Though there are several constructs working in the UAE – and the wider Gulf market – risk-weighted revenue share is seen among the preferred models, they said. In BNPL schemes, for example, the bank provides the asset – i.e., the loan – and takes on the risk, while the fintech is the delivery channel, taking a distribution fee that flexes with portfolio performance. Another is co-branded embedded finance, where the merchant checkout still shows the bank's brand and customers return to the bank's app for servicing, ensuring data and cross-sell opportunities stay with the bank. 'By layering AI, machine learning and deep analytics on that core, institutions can harness real-time insight into each customer's habits and needs. 'The result is hyper-personalised services, for example, automatically extending a low-rate loan to a customer who is edging their overdraft or providing live balance and spending-pattern alerts in a slick mobile app, while bots handle the routine back-office work,' Byron said. She said looking ahead, the same architecture will let banks move from reactive to predictive. 'With ever-richer data feeds and predictive models, they can spot life events and market shifts before customers do, then present precisely timed, personalised solutions, turning anticipation into the next competitive edge,' Byron said.
Fintech News ME
21-05-2025
- Business
- Fintech News ME
Egypt's CARITech Partners with Finastra to Support Core Banking Modernisation in MENA
CARITech, a digital transformation consultancy based in Egypt, has formed a strategic partnership with global financial software provider Finastra to support the adoption of the Finastra Essence core banking platform across the Middle East and Africa. The partnership combines CARITech's regional experience and implementation capabilities with Finastra's technology to facilitate core banking transformation for financial institutions. As part of the agreement, CARITech will use its Capability Maturity Model Integration (CMMI) Level 3-certified methodology to deliver structured and efficient deployments of Finastra Essence. With a bilingual Arabic and English team and a strong understanding of local banking environments, CARITech is positioned to offer tailored support to institutions transitioning to updated core banking systems. 'Partnering with Finastra represents a significant step forward in our mission to deliver best-in-class core banking transformation services,' said Ismail Ali, Chief Executive Officer of CARITech. 'Our regional insights and technical capabilities make us uniquely equipped to support financial institutions on their digital journeys.' Finastra Essence is a core banking platform that aims to enhance operational efficiency, reduce costs and improve customer service through its modular functionality and open technology. 'Our collaboration with CARITech reflects Finastra's commitment to ensuring financial institutions receive exceptional service when implementing Finastra Essence,' said Siobhan Byron, Executive Vice President of Universal Banking at Finastra. 'CARITech's strong track record and understanding of regional banking needs make them a valuable partner in enabling transformation at scale.'
Zawya
21-05-2025
- Business
- Zawya
CARITech, Finastra partner to drive core banking transformation in MENA
Egypt - CARITech, a leading digital transformation consultancy specializing in core banking modernization, has announced a strategic partnership with Finastra, a global financial software provider, to accelerate the adoption of the Finastra Essence core banking platform across the Middle East and Africa. The collaboration leverages CARITech's regional expertise and implementation capabilities alongside Finastra's advanced technology to streamline digital transformation for financial institutions. Under the agreement, CARITech will apply its CMMI Level 3-certified methodology to support efficient, low-risk deployments of Finastra Essence. With a bilingual Arabic-English team and in-depth knowledge of local banking environments, CARITech is well-positioned to deliver tailored support, ensuring smooth transitions to modern core banking systems throughout the region. 'Partnering with Finastra represents a significant step forward in our mission to deliver best-in-class core banking transformation services,' said Ismail Ali, CEO of CARITech. 'Our regional insights and technical capabilities make us uniquely equipped to support financial institutions on their digital journeys.' Finastra Essence is a next-generation core banking solution designed to boost agility, reduce operational costs, and improve customer experience through deep functionality and open technology. 'Our collaboration with CARITech reflects Finastra's commitment to ensuring financial institutions receive exceptional service when implementing Finastra Essence,' said Siobhan Byron, EVP of Universal Banking at Finastra. 'CARITech's strong track record and understanding of regional banking needs make them a valuable partner in enabling transformation at scale.' This partnership underscores both companies' shared dedication to innovation, regional growth, and customer success, enabling banks in the Middle East and Africa to modernize their operations with minimal disruption and maximum value. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
