Finastra to host payments solutions on Azure

Finastra has arranged to bring its next-generation payments solutions to the cloud over Microsoft Azure.

The move enables Finastra to deploy value-added services to clients more efficiently. Banks will benefit from streamlined onboarding, as well as faster access to new products and upgrades.

The move part of an ongoing broadening of its relationship with the cloud provider that started in 2016 for the US and Canadian markets.

“This collaboration allows us to change how we deliver software to our customers and partners in a fundamental way,” Finastra CEO Nadeem Syed said.

“It will enable us to bring new products to market faster and more frequently, with stability and with the highest levels of data security for which Microsoft is known. It also allows us to take a significant step forward in the creation of a platform for innovation and collaboration in financial services.”

The strategic move to work with Microsoft Azure enables Finastra to optimize existing business processes and functions, while expediting development with stability and sophistication.

Today banks are seeking ways that evolve with their needs while also fulfilling the ability to scale at a lower overall cost. The migration of payments solutions to Azure will accelerate Finastra’s ability to easily and effectively deploy value-added services onto its platforms and continue to meet customer demands.

“Generally in the market both payment hubs and cloud have come of age – and this announcement will mean even greater benefits, with the two coming together here. Modern technology, running on modern architecture, gives not only means for greater performance at much lower running costs, but also the potential for new business models altogether, for all involved,” Celent senior analyst Gareth Lodge commented.

Startups have at their disposal multiple options for delivering their service via infrastructure as a service (IaaS) business model.

“As enterprises look at the spectrum of options available, careful consideration of internal IT strategy and detailed evaluation of provider portfolios will maximize the benefits delivered to the enterprise through cloud adoption,” commented Deepak Mohan, IDC’s research director for Public Cloud Infrastructure as a Service.