Finastra, the financial software application and marketplace provider, has joined forces with Tesselate, a digital transformation consultancy and integrator, to launch a new end-to-end pre-packaged service, enabling US banks to automate manual processes and adapt to new demands.
Tegula Trade Finance as a Service, powered by Finastra Trade Innovation and Corporate Channels, enables banks to integrate fintech applications that use the latest technologies such as artificial intelligence (AI), blockchain and automation tools.
Trade Innovation is an end-to-end solution for frictionless trade and supply chain finance that uses straight-through processing, digitisation, and data analytics to support growth and agility.
Corporate Channels is a digital banking platform that provides banks with a single portal to unify trade, cash, supply-chain finance, lending, and treasury services for corporates.
Jim McMahon, managing director, head of enterprise sales and strategic partnerships, Americas at Finastra, commented: “Trade finance is a complex industry that is still reliant on manual and often fragmented processes.
“Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership. Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services. We are bringing together Finastra and Tesselate’s industry-leading solutions, services, and expertise to make digitalisation as seamless as possible for banks.”
Future-proofing for US banks
The combined cloud-based service and access to Finastra’s wider fintech ecosystem means US banks can future-proof their business, increase revenue streams, expand into new markets, as well as strengthen security.
Alexandre Arnoux, chief revenue officer and managing partner at Tesselate, also offered his view on the partnership: “Adopting new technology can be costly at every stage, and it can be challenging to resource IT teams with the right skills to manage it.
“By delivering our all-in-one joint solution as a highly secure managed service, banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitalization. Banks can take a modular approach to implementation for better cost and resource control, and we provide ongoing updates, enhancements, and new capabilities at speed. Finastra and Tesselate are natural partners; we are working together to accelerate trade finance digitalization for any size of bank.”