– Open platform momentum sees more fintechs able to access growing markets and reduce sales cycles
– Financial institutions gain fast access to innovative app capabilities including digital banking, cross-border payments, regulatory compliance and more
Finastra is celebrating over 150 apps now available in its FusionStore marketplace, for financial institutions to tap into innovation at speed via the FusionFabric.cloud open developer platform. The apps reflect significant momentum for the platform and Finastra’s growing ecosystem, within which fintechs are able to reduce time to market and overcome collaboration challenges.
Vincent Pugliese, SVP & General Manager, Platform at Finastra said, “This is an exciting milestone in the growth of our FusionFabric.cloud platform, with over 150 apps now available for financial institutions to tap into. These apps have been sourced through incubators, innovation hubs, existing customers, industry analysts, and developed within Finastra, and cover an ever-increasing number of use cases including digital banking, cross-border payments and regulatory compliance and reporting. We’re proud to be able to orchestrate this growing ecosystem, enabling collaboration that helps fintechs and financial institutions worldwide access the benefits of an open platform approach.”
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Fintechs using the FusionFabric.cloud platform benefit from access to growing addressable markets, reduced project implementation time and reduced sales cycles – sometimes cut from six months to just one month. One fintech reported tripling of its addressable market in two months by publishing their app on the FusionStore.
Dmitry Norenko, CEO at UpSwot, which has just launched a loyalty and engagement app on the platform, said, “Our collaboration with Finastra is a perfect example of the ways that corporates should be working with start-ups like us: fast, convenient, and very supportive. We are happy to join forces in helping to empower banks with actionable insights and accurate data.”
ComplyAdvantage, a compliance fintech, recently launched its anti-money laundering (AML) app on FusionFabric.cloud. “Finastra has long been recognized as a trusted partner to leading financial institutions around the globe,” said Charles Delingpole, Founder and CEO of ComplyAdvantage. “As a former Finastra intern, I am especially delighted to have our company partner with Finastra and to publish our solution into the FusionStore so that we can offer our award-winning transaction screening solution to their wider community.”
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As financial institutions are redefining their bank operating models to become customer-first, a platform approach enables agility and generates growth. Financial institutions can quickly customize their services to customer demand by accessing new apps, in turn accelerating innovation and time to market.
Mike Gorman, CEO at Baptist Health Federal Credit Union which recently selected the Allied Bill Payment app from Allied Payment Network on FusionFabric.cloud, said, “Finastra’s platform enables us to access innovation and choice quickly and cost efficiently. With a simple app we can offer real-time person-to-person payments and account-to-account transfers, giving us the opportunity to add these capabilities that our members need, without building from scratch.”
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