Finastra and Microsoft Partner for Cloud Platform
Finastra will host its applications in its cloud platform, FusionFabric.cloud, hosted by Microsoft Azure.
The partnership will allow Finastra to open up its applications to outside developers and bring its products to a hybrid cloud platform it calls FusionFabric.cloud. Microsoft Azure will host Finastra applications and will eventually carry new releases for download.
By using the cloud platform, Finastra will be able to bring its products to market faster. The company will launch global payments and retail banking products through the platform in the second half of the year.
Martin Häring, chief marketing officer of Finastra, says the partnership brings the company’s vision of an open platform.
“Banks are still at the stage where everything is put in a proprietary environment but slowly they are beginning to open up,” Häring says. “Our vision of the future is a platform that is open to developers and banks to develop applications on top of a mature infrastructure.”
On the cloud platform, Häring says, individual developers can log onto an API for free. He says it will be a sandbox environment and will be free for at least the first year of operation. He adds Finastra products have been hosted on private clouds before in managed service environments.
“Technology is increasingly providing a competitive advantage to financial services businesses looking to thrive in the digital economy,” said Toni Townes-Whitley, corporate vice president, industry at Microsoft in a statement. “We are excited to collaborate with Finastra to deliver innovative financial services solutions powered by Microsoft Azure, underpinned by our investments in cloud security and regulatory compliance.”
Häring says smaller banks are increasingly turning to the services of public clouds like Azure as they don’t want to build entire infrastructures by themselves.
Finastra already moved its US payments line to Azure with more business lines following in the next few months.
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