Finastra Update: Early Adopters Now Developing & Running Apps on FusionFabric.cloud

Finastra, created by the merging of Misys and D+H, announced on Wednesday early adopters are now developing and running apps on FusionFabric.cloud. The company stated that fintechs, consultants, banks, and academics are now using the open technology platform to create and deploy apps, which may also be commercialized through the FusionStore portal, currently in development. Hugh Cumming, CTO, Platforms at Finastra, stated:

“This is an incredibly positive step for the future of financial software development. To see third parties from all different parts of the industry collaborating in a vibrant ecosystem, on top of our trusted technology, demonstrates a new wave of innovation. We’re enabling this shift with our rock solid FusionFabric.cloud architecture, which uses open technology to speed innovation and is based on over 35 years’ experience in the industry. It will ultimately drive down prices, provide new capabilities and accelerate time to market for exciting new app ideas.”

Finastra also shared that RaisePartner, a fintech that’s providing specialist expertise in portfolio optimization for insurance firms, is developing an app to support the Solvency II capital requirements and will integrate with FusionInvest, the flagship investment management solution from the company. Sophie Echenim, CEO at RaisePartner explained:

“Being able to build on the FusionFabric.cloud architecture affords us several benefits and that’s why we jumped at the opportunity to be an early adopter. As well as being able to reach the extended Finastra customer base with our innovative offering, we can save costs and create efficiencies when it comes to development. Finastra customers will be able to enjoy the solution without any integration efforts as the app is integrated upfront with the Finastra core system data.”

Meanwhile, University College London (UCL) students are building out apps focused on pricing models for capital markets as well as trade finance and banking. Professor Donald Lawrence, Computational Finance Director at UCL, commented:

“The chance to build on the FusionFabric.cloud architecture is a real advantage for our students. As well as giving them the opportunity to develop with open APIs to collaborate and drive innovative ideas, it offers access to the commercial world which isn’t always that easy or freely available. Students who develop useful and exciting new apps can feasibly sell those on to banks and financial institutions, via the store.”

Other firms on board include a tier one Australian bank which is already looking to use some of the apps in development, as well as building pricing apps of its own.
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