As Sibos 2021 opened (in a virtual environment) on October 11, 2021, Finastra unveiled its updated instant onboarding capabilities for its Fusion Payments To Go service.
As first reported by Finextra, the solution should allow banking institutions to gain access to the benefits of Finastra’s software-as-a-service or SaaS platform at speed and with lower overall costs, which means that organizations are able to bring innovative and customized payments services to their clients with a lot more efficiency as requirements continue to change.
Oren Marmur, GM of Payments at Finastra, stated:
“We are committed to making payments transformation as easy as possible. This capability offers simple onboarding with a short lead time, so that banks can overcome legacy technology constraints, implement with transparency around timeframes and cost, and bring leading payments products to customers at speed. We’re talking about reducing the process of onboarding to just a few days with go live in a few months, rather than what might have taken some banks a year.”
Oren added:
“Beyond the significantly reduced onboarding and go live timeframes, this will allow smaller banks, for which the cost of complex payments transformation might be prohibitive and the operational processes too complex, to enjoy the benefits of an advanced Payments Hub with modernized capabilities.”
Payments To Go is a SaaS payments service, with the right configurations, in order to assist banks’ payment growth efforts. It’s developed on Finastra’s Fusion Global PAYplus software application, which takes advantage of the best practices with complete end-to-end processing.
Through open APIs, the quick onboarding functionality lowers the amount of time spent on manual processes, while boosting efficiency. A portal allows banking institution managers to answer various questions, which helps with automatically creating a new payments environment that they’re able to customize according to their needs.
Gareth Lodge, Senior Analyst, Payments at Celent stated:
“One of the promises of moving to the cloud has long been agility, replacing legacy technology with modern, flexible technology. Yet, one of the major challenges for banks is how to actually move from legacy technology. Since payments probably touch on more bank systems than any other technology, it can be a slow and complex process to figure out even how to migrate. Given the number of banks actively looking to migrate to the cloud, tools that make the process of onboarding simple and quick will benefit not just the banks but their vendors as well.”
Payments To Go is based in the Cloud, which helps with ensuring more robust and flexible infrastructure that quickly adapts with payments volume surges. This approach supports a Payments-as-a-Service model, with an open architecture and timely updates, keeping banking institutions ahead of market activities, while providing innovation and key opportunities for business growth and development.
