According to a press release by Ripple client Finastra, this major fintech company has entered into a strategic cooperation with another technology behemoth—HCL Technologies, an India-based multinational leader in the sphere of IT and consulting services.
Together they plan to help banks improve treasury operations and make them faster and ultimately cheaper.
Digital solution for banks' treasury operations
On Jan. 21, the two companies announced their collaboration. The goal is to provide a basis for banks to manage their treasury operations in the cloud to small banks in Europe, the U.S., Canada, Mexico, India and other countries.
What they plan to offer banks is Digital Treasury as a Service, hoping that this will allow banks to deal with their treasury operations in a more efficient manner.
Finastra's high-profile representative stated that the treasury sphere is now ready for changes after it has already been impacted by a rise in regulation and has faced competitive pressure pushing it toward scaling.
Having joined forces with the India-based HCL giant, Finastra intends to enable banks to improve their treasury services and cut costs on operations, help them manage risks in a more efficient way and respond to the demands of the market more promptly.
Finastra's digital treasury solution hosted by Microsoft
The new Digital Treasury as a Service is to be hosted on the Microsoft platform, Azure, and built using Finastra's Fusion OPICS software.
This software is already being used by more than a hundred banks all over the world. Aside from other benefits, as the basis of the new Digital Treasury solution, it will enable banks in new regions to automate their treasury operations.