Finastra Partners with Contour for Trade Finance; Collaborates with Kotak Mahindra Bank for Corporate Banking

https://finovate.com/finastra-partners-with-contour-for-trade-finance-collaborates-with-kotak-mahindra-bank-for-corporate-banking/
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  • Financial solutions provider Finastra announced a strategic collaboration with digital trade finance network Contour.
  • Finastra also announced a partnership with India’s Kotak Mahindra Bank, bringing its Unified Corporate Portal solution to support the institution’s corporate banking portal Kotak FYN.
  • Formed via a merger between Misys and D+H in 2017, Finastra also recently announced the appointment of Chief People Officer Helen Cook.

Financial solutions company Finastra recently announced a pair of partnerships. The U.K.-based firm, which launched its open platform for innovation FusionFabric.cloud in 2017, has entered a strategic collaboration with digital trade finance network Contour. The collaboration will integrate Finastra’s Fusion Trade Innovation technology with Contour’s platform, boosting access to trade finance and streamlining back-office workflow.

The collaboration helps financial institutions take advantage of the multi-trillion dollar global trade business that both corporate customers and consumer depend upon every day. The partnership between Finastra and Contour will give financial institutions a network that supports collaborative workflows between trading parties. The new integration facilitates digital adoption, lowers costs and reliance on paper, and reduces risk.

“Our partnership with Finastra is an important step forward in breaking down barriers to adoption and increasing access to trade finance,” Contour CEO Carl Wegner said. “By integrating Finastra’s Fusion Trade Innovation, financial institutions and corporates will have access to an end-to-end ecosystem of services that will enable them to transact seamlessly and securely.”

Finastra also announced a partnership with India’s Kotak Mahindra Bank, specifically supporting the firm’s new integrated corporate banking portal, Kotak FYN. The bank will rely on Finastra’s Unified Corporate Portal solution, expanding a partnership with Finastra that extends back to October of 2021. The new enterprise portal will enable bank customers to conduct trade services. By the final quarter of the year, the portal will also offer account services, payments, and collections.

“Working together with Finastra, the Unified Corporate Portal will allow us to make the Kotak FYN portal even more revolutionary,” Kotak Mahindra Bank President for Global Transaction Banking Shekhar Bhandari said. “We can provide intuitive, easy-to-use access to many products and user journeys through a single platform, reducing complexity and friction for our customers and providing a truly differentiated user experience.”

The Bank’s Unified Corporate Portal will leverage Finastra’s Corporate Channels framework. This will empower banks to offer their corporate clients a seamless experience for account services, payments, trade, supply chain finance, and lending. The portal will enable banks to unify data across portals and back office systems to give users a single view of transactions, positions, and balances. Finastra noted that the integration will support self-service operation and boost efficiency.

Finastra’s partnership news comes in the wake of a new C-suite hire: the appointment of Helen Cook as the company’s Chief People Officer. Announced late last week, Cook comes to Finastra from Natwest Group, where she worked as Chief Human Resources Officer. At Finastra, Cook will be tasked with helping the company fulfill its goal to be “the most inclusive and diverse employer in the fintech industry,” according to a statement.

“Finastra’s vision is built on collaboration, and its commitment to become a truly inclusive workplace and enhance the skills of its workforce,” Cook said. “I’m thrilled to support in growing and developing the company’s global talent.”

Finastra was formed in 2017 as a merger between Finovate alum Misys and D+H. The company’s technology is used by more than 8,600 institutions, including 90 of the top 100 banks in the world. Simon Paris is CEO.


Photo by Akshar Dave?

https://finovate.com/finastra-partners-with-contour-for-trade-finance-collaborates-with-kotak-mahindra-bank-for-corporate-banking/