As reported by PR Newswire, London-based fintech Finastra has launched a new payment solution for small and medium-sized banks in order to integrate domestic and transnational payment firms in Europe, South Africa and the U.S.
In October of last year, Ripple announced a partnership with this fintech company.
Microsoft Azure-based payment solution
Finastra has spread the word about releasing its new Fusion Payments To Go solution. It is deployed on the cloud based on Microsoft Azure and comes pre-packaged, including fixed cost for implementation.
The new payments solution is created on the basis of Finastra's payment hub and supports mechanisms for clearing and settlements.
The new payment solution works without costly scheme maintenance, so banks will be able to utilize these funds to improve their customer experience. Fusion Payments To Go is created for small and mid-sized banks in the EU that wish to implement fast payments via RT1 and/or TIPS. In the U.S., the quick payment structures are FED and TCH. Other schemes will be added soon.
It will also be compatible with SWIFT. PR Newswire also reported that the new product will allow banks to connect with payment services in South Africa, apart from the U.S. and Europe.
Finastra's other expansions
As reported by U.Today last week, Ripple partner Finastra announced two other new partnerships.
The London-based fintech began working with the Bank of Bahrain and provided it with a new Fusion Condor solution.
Using this service supplied by the company, the bank intends to automate its treasury and trading operations, managing risks and the price calculations. It also plans to offer customers new products based on Finastra's solution.
Apart from that, Finastra has been chosen by First Independent Bank in the Detroit area to work with those with little access to banking products.
First Independent Bank is one of the largest African American-owned banks in Detroit.
With this collaboration, Finastra follows with Ripple, which has established the financial inclusion of the unbanked as a key part of its mission.