Today in Sibos 2022 in amsterdamToday, Finastra announced a strategic collaboration to integrate its Fusion Trade Innovation software with Contour, the global digital trade finance network, providing banks and enterprises with an end-to-end streamlined back-office workflow. Users can access their data through either platform, giving banks greater efficiency and faster response times when processing letter of credit transactions. Ultimately, it opens the door to increased access to trade finance and higher profitability for banks.
Charles WegnerContour CEO commented: “Our partnership with Finastra is an important step forward in breaking down barriers to adoption and increasing access to commercial finance. By integrating with Finastra’s Fusion Trade Innovation, financial institutions and businesses will have access to an end-to-end ecosystem of services that will enable them to transact seamlessly and securely.”
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Global commerce is a multi-billion dollar industry that businesses and consumers rely on every day. To increase efficiency, many financial institutions have looked to a network to support collaborative workflows between business participants. Finastra and Contour address this need through this new integration, enabling digital adoption while lowering client costs, reducing reliance on paper transactions and reducing risk.
Together, Finastra and Contour will further accelerate the adoption of digital trade solutions by linking the two key components of digital trade finance: a deeply integrated core banking platform for internal processes and a decentralized external network for communication with banking and corporate clients. . The solution offers full transparency and visibility, reducing the life cycle of the letter of credit by up to seven days, freeing up working capital for companies and improving returns for banks.
Elizabeth Fernandez, EVP, Lending Business Unit at Finastra said: “We are excited to connect with Contour, an innovative leader in this space, on our journey to orchestrate the digital commerce ecosystem for our clients. Finastra is focused on making it easy for our financial institution clients to seamlessly connect to the global trading ecosystem so they can maximize trading efficiency and develop new trading opportunities. We are pleased that this collaboration will enable businesses, particularly small and medium-sized enterprises (SMEs), to access working capital and trade finance wherever they transact.”
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