Kotak Mahindra Bank Teams Up with Finastra to Support Integrated Corporate Banking

Finastra has announced that it has partnered with Kotak Mahindra Bank to support its new integrated corporate banking portal, Kotak FYN, “using Finastra’s Unified Corporate Portal solution.”

Kotak Bank and Finastra have been working together since October 2021 “to expand the Kotak FYN portal for business and corporate customers.” The bank’s customers can “use the new enterprise portal to carry out all trade services.”

By the last quarter of 2022, the Kotak FYN portal will “include many other services, including account services, payments and collections, thus eliminating the need for multiple logins and disparate user interfaces.”

Shekhar Bhandari, President, Global Transaction Banking, Kotak Mahindra Bank, said:

“Working together with Finastra, the Unified Corporate Portal will allow us to make the Kotak FYN portal even more revolutionary. We can provide intuitive, easy-to-use access to many products and user journeys through a single platform, reducing complexity and friction for our customers and providing a truly differentiated user experience.”

Unified Corporate Portal “harnesses the power of Finastra’s Corporate Channels framework, enabling banks to build a seamless experience for their corporate clients spanning account services, payments, trade, supply chain finance and lending.”

Banks can “unify data across multiple, product-specific portals and back-office systems to create a single view of transactions, positions and balances, enabling self-service and driving operational efficiency.”

The data is “presented via persona-based dashboards, with insightful widgets and the ability for users to tailor their experience.”

Manish Joshi, Managing Director, MAAP, Finastra, said:

“The user journey for corporate banking customers can be inefficient and complex, with customers often having to access different portals for different banking products, even within the same bank. Through collaboration and co-innovation with Kotak, we have built a unique offering that will help it gain a competitive edge in the corporate banking segment and we look forward to helping the bank to grow further in the future.”

Patricia Hines, Head of Corporate Banking, Celent, remarked:

“Finastra has a long history of providing sophisticated and scalable corporate digital banking solutions to banks. Finastra was one of the few providers in Celent’s Corporate Digital Platforms evaluation that supports the breadth and depth of critical transaction banking capabilities demanded by commercial customers. We look forward to hearing more about how Finastra is enabling banks to provide differentiated user experiences.”

As noted in the update, Finastra claims to be “a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017.”

It serves institutions of all sizes, “providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service.”

Its pioneering approach and commitment to open finance and collaboration is “why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks.”

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