Microsoft and Finastra announce multiyear cloud agreement to transform financial services

Microsoft and Finastra today announced a strategic, multiyear cloud agreement to transform the future of financial services. Finastra is a leader in financial services market and it delivers services to financial institutions across the globe, including 90 of the world’s top 100 banks. So, this partnership is a huge win for Microsoft. Microsoft and Finastra are already supporting 3,000 banks and financial institutions involved in payments, lending, treasury and retail banking on Azure.

Today’s announcement include:

• Supporting 3,000+ financial institutions on Azure– This agreement marks a commitment to build on the 3,000 banks and financial institutions supported by both companies on Microsoft Azure, delivering on operational efficiencies and reducing risk.
• Powering Finastra’s FusionFabric.cloudwith Azure – To support co-innovating next-generation financial services applications for the future of finance, Microsoft Azure will enable Finastra’s open innovation platform, cloud, and allow developers unprecedented access to build on top of Finastra’s core systems for faster incubation of high-value applications at scale.
• Optimizing operations with Azure, the Power Platform, and Office 365– These platforms will help Finastra streamline its own business operations, deliver greater collaboration and drive a ‘digital first’ mindset amongst employees.

“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.”

“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.”

Source: Microsoft