Finastra Launches Fusion Treasury Essential - Helping Banks Automate Treasury in Just 90 Days
Packaged solution allows smaller banks to roll out treasury functionality quickly, freeing up valuable resources, time and money
LONDON, Nov. 4, 2019 /PRNewswire/ -- Finastra today unveiled Fusion Treasury Essential – a packaged solution designed for smaller banks that don't already have a dedicated treasury system, but are looking to automate and modernize the treasury function. The packaged solution enables banks to do away with spreadsheets and supports over 80 percent of the core products and transaction volumes of the standard bank treasury. It can be implemented in the cloud or on premise in around 90 days.
Fusion Treasury Essential is ideally suited for banks that have limited IT resources in-house but are looking to benefit from proven treasury market practice. Moving away from manual processes will also help these banks increase efficiencies to compete more effectively and also demonstrate to regulators that they have a robust overall operating model in place to prevent systemic risk.
"Thousands of smaller banks and challengers that rely on manual processes and spreadsheets to manage their treasury function can now quickly benefit from a solution that automates routine processes, reduces manual errors and maximizes straight-through processing of treasury transactions," said Pedro Porfirio, Global Head of Capital Markets at Finastra. "Until now many of these organizations have considered specialist treasury solutions to be out of their reach in terms of the expense and the complexity of implementation. But Fusion Treasury Essential changes that."
Using the tried and tested capabilities of Finastra's core solutions, Fusion Kondor and Fusion Opics, Fusion Treasury Essential provides automated product workflows in a fixed-cost packaged solution that's fast to deploy. It offers front-to-back automated processing of bonds, loans and deposits, repos, call accounts, FX and money market transactions. It also supports manual deal capture, data interfaces to Reuters and Bloomberg, position keeping, trade workflows, decision support and updates to the bank general ledger.
Finastra's global partners will work with banks to roll the solution out over a timescale of around 12 weeks. Sunder Ganesh, Vice President and Client Partner at ITC Infotech, one of Finastra's global partners who has already successfully deployed the solution on Microsoft Azure said, "We are excited to collaborate with Finastra in delivering a quick to market, straight-through processing, front to back treasury solution by building a golden copy that is pre-configured and certified for deployment. Fusion Treasury Essential offers clients the opportunity to modernize their growing treasury business and with a 90-day schedule, the solution can be up and running in no time, on premise or in the cloud."
Brad Bailey, Research Director at Celent said, "The demands of running a small bank treasury today are daunting from a business, regulatory, and client demand perspective. Most firms introduce unnecessary complexity, risk, and error because of reliance on manual processes. Ideally, they need a treasury solution that can automate, streamline, and optimize their needs today, but can also scale, as they move along their future growth trajectory."
About Finastra
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach mean that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 90 of the world's top 100 banks use Finastra technology.
Please visit finastra.com.
For further information please contact:
Caroline Duff
Global Head of PR
T +44-(0)-20-3320-5892
E caroline.duff@finastra.com
Harriet Pickering
PR Specialist EMEA
T +44-(0)-20-3320-5317
E harriet.pickering@finastra.com
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