Ripple Partner Finastra Launches Payments Solution For Banks

Varinder  |  Oct 5, 2020

Ripple’s partner Finastra reveals a new payment solution for small and medium-sized banks in Europe, South Africa, and the U.S. looking to implement domestic and transnational payment services.

The new payment solution “Fusion Payments To Go” works without any costly maintenance schemes, banks can, therefore, utilize these funds to improve their customer experience to deliver healthy revenue growth.

Finastra Payment Solution for Small and Medium-sized Banks

Deployed on the cloud-based Microsoft Azure, Fusion payments comes pre-packaged with a reduced fixed implementation cost.

Created solely for small and mid-sized banks in the EU that wish to implement fast payments via RT1 and/or TIPS as well as the FED and TCH immediate payment schemes in the US, other schemes are soon to follow. It further supports banks worldwide looking to implement SWIFT.

Sagive Greenspan, Senior Vice President and General Manager, Payments at Finastra adds, "Fusion Payments To Go offers a paradigm shift in how we design, develop and deploy payments software - part of our commitment to connecting financial institutions, consumers and businesses around the globe through modern payment solutions. Its pre-packaged and pre-certified configuration, coupled with best-practice payment workflows, means that it can be deployed in a short timeframe, enabling banks to move with agility and modernize without risk. This allows smaller banks to enjoy the same robustness as with Fusion Global PAYplus, but in a quicker and more cost-efficient way."

Apart from the U.S. and Europe, the new product will also allow banks to connect their payment services in South Africa.

Paul Thomalla, Global Head of Payments at Finastra said, "Customers are looking for fixed onboarding time, fixed price and fixed scope and that's what we deliver with this offering. The availability of Fusion Payments To Go in the cloud means that we are helping banks elevate payments to a new level today, but we're also giving them access to the latest value-added services via our open development platform, FusionFabric.cloud, for access to continuous innovation in the future. Ultimately, we're enabling mid-sized organizations to be more competitive, grow their business and market share, with faster time to value for them and their customers."

Based on Finastra's payment hub, the payment solution further supports mechanisms for clearing and settlements.

Finastra looks after operations like contracting, onboarding, service operations, and upgrades, to billing, all the while reducing the bank's operational costs and to provide a faster time to market.

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