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07 September, 2021

4 mins

How Finastra is Leading Financial Innovation

Finastra, a leader in financial software solutions, have launched the FusionStore using OpenChannel, bringing open collaboration and innovation to the world’s largest financial institutions.

Who is Finastra

Finastra was created as a merger of Misys and D+H in 2017. Already leaders in their respective fields, combining these two companies has allowed Finastra to become the second largest financial technology company in the world.

They bring an almost unrivaled expertise and range of solutions across financial services including retail banking, transaction banking, lending and treasury and capital markets. This deep expertise and wide offering is supported by a global footprint of 10,000 employees, more than 8,500 customers including 90 of the top 100 banks globally, and over USD $1.9 billion in revenue annually.

Finastra is changing the way that modern banking software is built and distributed, described perfectly in their vision that, “The Future of Finance is Open”. More than just a vision, they’re bringing open finance to customers with their new platform-as-a-service (PaaS) solution FusionFabric.cloud.

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By providing open APIs to Finastra’s core services like retail banking, payments, lending, corporate banking and capital markets, Fusion Fabric makes it easy to develop applications that can work seamlessly with Finastra systems and be deployed almost anywhere.

 

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With complex regulation and cost pressure, it’s increasingly difficult for banks and large financial institutions to fully invest in innovation. Yet, the most successful banks of the future will be those that innovate and adopt open collaboration within the financial services ecosystem. The open architecture approach of Fusion Fabric brings together banks, partners and innovators. This makes it easier to build, deploy and consume financial services that evolve to meet the changing needs of customers.

Finastra has evolved from a company of packaged software, to one of micro-services, open APIs and continuous delivery — a key transformation to support their growing app developer platform and marketplace.

What is the FusionStore

In banking, new technologies including micro-services, AI technology and real-time capabilities are fuelling open APIs, driving co-creation and new business models. These new technologies, along with startup competitors and increasing regulation, mean that banks must innovate faster than ever to remain relevant.

FusionStore is the central place for 3rd party apps developed on top of the FusionFabric.Cloud platform and open API architecture. Financial institutions benefit from the innovative solutions in the ecosystem by easily consuming apps that are connected to Finastra core systems and FusionFabric.Cloud.

For FinTechs and app developers, the FusionStore opens up direct access to thousands of financial institutions around the world. For financial institutions, it makes it easier to leverage new apps on top of their existing core banking systems.

The FusionStore is one of three pillars in Finastra’s thriving ecosystem:

  1. Fusion Creator

A comprehensive developer portal with a full API Catalog, detailed developer documentation and access to a sandbox environment for testing applications.  

  1. Fusion Operate 

A secure production environment, hosted on Microsoft Azure, to allow customers to connect any app to Finastra’s software, without the need to build or host their own cloud infrastructure. 

  1. FusionStore 

The central marketplace where applications developed on FusionFabric.Cloud can be promoted, purchased and consumed. 

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Why FusionStore Matters

FusionStore provides a reach into almost every financial region, making it easy for any app to be discovered by thousands of banks worldwide.

In financial services, regulatory compliance and data security (among many other things) are critical. Every app on the FusionStore is reviewed to ensure compliance, performance and stability. This collaboration helps developers improve and enhance their apps, and gives end customers full confidence in the apps they purchase and deploy.

FusionStore also handles billing and payment processing in multiple currencies and across various legal jurisdictions. Once a customer completes a purchase, payment is collected and then processed to the app developer. This means app developers don’t have to worry about the headaches that come with transacting worldwide, and can focus on building the very best financial apps.

“The beauty of the platform is that it enables us to work on multiple projects and we’ll be able to deploy the apps at low cost, as they are ready for market.”

– Alexandre Arnoux, Associate Director, Efficiency MC

True to an open innovation mindset, the FusionStore even has an “App Lab” section dedicated to apps that are still being developed and prototyped. This allows financial institutions to connect directly with app developers and provide feedback about features and capabilities they are interested in. It’s co-creation in action!

Innovative applications can be developed faster and at a lower cost than ever before. Financial institutions can transform their end customer experience and increase efficiencies. FinTechs and developers can accelerate new market opportunities. If you’re a FinTech or financial developer looking to disrupt the market, sign up for FusionFabric.Cloud and get started.

Moving Finance Forward

Open collaboration creates an ecosystem and ultimately a world, of win-win relationships where everyone benefits. Financial services underpin so much of our daily lives, yet the industry has traditionally struggled with innovation. Finsatra believes that open collaboration and innovation are critical to growth and success worldwide, and OpenChannel is proud to support them in bringing financial innovation to the world.

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