Finastra, the global fintech company, has launched a cloud-based platform that will allow financial firms to develop apps with minimum coding and offer a marketplace for them to collaborate with banks. Called FusionFabric.cloud, it is a Platform as a Service (PaaS), an open innovative platform that will change the way banks develop and deploy software, said Natalie Gammon, chief cloud officer at Finastra. "One big challenge banks face is to remain competitive and relevant," she said. "They are under pressure to reduce costs, manage risk, boost revenues and meet customer expectations." Finastra's open banking platform will help small banks compete.
Created in 2017 from the combination of two long-standing companies, Finastra has already emerged as one of the largest financial technology (fintech) companies in the world, building solutions to support banking and other financial services. Finastra has made innovation its hallmark, constantly seeking new ways to use technology to improve financial services for banks and customers alike. By forming a close working relationship with Microsoft, Finastra is now ushering in a new generation of fintech that puts humans at the center of these technological solutions. With Microsoft Azure, Finastra has elevated its open innovation platform, FusionFabric.cloud, The platform is built with the power of Microsoft machine learning and advanced analytics tools.
Considering how quickly the pace of change is in today's corporate payments and banking space, there's almost no way a bank can go it alone when it comes to staying agile and ahead of the trends to best serve their clients. Finastra, the newly-formed FinTech from the merger of Misys and D H, is positioning itself as a partner to the FIs that, according to Finastra Global Head of Payments and Cash Management Matthew Williamson, are often struggling to keep up. Williamson spoke with PYMNTS about some of the most disruptive forces, from RegTech to APIs, that are promoting a nature of collaboration between the banks and FinTechs. When Misys and D H merged, news announced earlier this month, it created what they say is the world's third-largest FinTech company. Its size, Finastra said when announcing the merger, will enable it to respond more strategically to client and partner needs.
According to KPMG's Pulse of Fintech report, fintech VC activity in Europe has hit a historically high level for successive quarters. In Q1 2017, global investment in fintech companies hit $3.2bn across 260 deals. Q1 2017's total capital invested soared to $610m, which was noted as the highest tally in years. VC investment in fintech remains high, with transaction volume also remaining healthy. Murray Raisbeck, who presented the KPMG report findings at Money 20/20 Europe, stated that stated that while VC investment in Europe had hit new records, the US still ahead of VC investments for the year.
The head of what is arguably private equity's most successful technology investment firm -- Vista Equity Partners -- made a rare appearance on Meet The Press to discuss the steps that the country needs to take to help minority-owned businesses recover from the economic collapse caused by the COVID-19 epidemic. Robert F. Smith is one of the worlds wealthiest private equity investors, a noted philanthropist, and the richest African American in the U.S. Days after announcing a $1.5 billion investment into the Indian telecommunications technology developer Jio Platforms, Smith turned his attention to the U.S. and the growing economic crisis that's devastating minority businesses and financial institutions even as the COVID-19 epidemic ravages the health of minority communities. Calling the COVID-19 "a pandemic on top of a series of epidemics", Smith said that the next round of stimulus needs to support the small businesses that still remain underserved by traditional financial institutions -- and that new financial technology software and services can help. "We need to continue to rally as Americans to come with real, lasting, scalable solutions to enable the communities that are getting hit first, hardest, and probably will take the longest to recover with solutions that will help these communities thrive again," Smith told NBC's Chuck Todd. Smith called for an infusion of cash into community development financial institutions and for a new wave of technology tools to support transparency and facilitate operations among these urban rural communities that aren't served by large banking institutions.