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.
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.
This year's Money20/20 Europe attracted about 5,000 attendees from 1,500 banks and fintech companies to its new location at the RAI Exhibition and Convention Centre in Amsterdam during the first week of June. The event honed in on the many layers of digital transformation occurring in payments and banking. The onset of two major European regulatory forces – GDPR and PSD2 – made 2018's Money20/20 Europe a fascinating one. Financial institutions are being guided by a confluence of market forces not only to retool their technology platforms, but also their value propositions and competitive strategies. Banks must come to terms with the fact that they are no longer at the center of their customers' financial universes.