Finastra, the global provider of financial software applications and marketplaces, has teamed up with global digital transformation consultancy and integrator Tesselate to launch a new service, accelerating trade finance digitisation for US banks.
The packaged service covers trades end-to-end, offering banks faster and easier trade finance digitisation, says Finastra.
Providing the service to US banks, Tegula enables them to automate manual processes and adapt to new demands with a quicker time to market and value.
The service can also be used in conjunction with applications that use the latest technologies including artificial intelligence, blockchain and automation tools – available via Finastra’s FusionFabric.cloud platform.
Finastra: Unifying financial services for US banks
Indeed, Finastra’s latest partnership with Tesselate comes as part of its mission to unify trade, cash, supply-chain finance, lending and treasury services for corporates via a single, integrated portal.
This is something its Corporate Channels and Trade Innovation platform already delivers, with the latter enabling banks with frictionless trade and supply chain finance by leveraging straight-through processing, digitisation and data analytics to support growth and agility.
Now, Tegula can be offered alongside these existing services, with simple integration into a bank’s organisation.
Jim McMahon, Managing Director, Head of Enterprise Sales and Strategic Partnerships, Americas at Finastra, says: “Trade finance is a complex industry that is still reliant on manual and often fragmented processes.
“Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership.
“Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services. We are bringing together Finastra and Tesselate’s industry-leading solutions, services, and expertise to make digitalisation as seamless as possible for banks.”
Tegula is a cloud-based service that combined with Finastra’s wider fintech ecosystem, thus helping US banks future-proof their business, increase revenue streams, expand into new markets and strengthen security.
Alexandre Arnoux, Chief Revenue Officer and Managing Partner at Tesselate, adds: “Adopting new technology can be costly at every stage, and it can be challenging to resource IT teams with the right skills to manage it.
“By delivering our all-in-one joint solution as a highly secure managed service, banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitalisation.
“Banks can take a modular approach to implementation for better cost and resource control, and we provide ongoing updates, enhancements, and new capabilities at speed.
“Finastra and Tesselate are natural partners; we are working together to accelerate trade finance digitalisation for any size of bank.”