Finastra, a global provider of financial software applications and marketplaces, announced that Salve Financial Hub SpA (Salve FH), a European payments processing startup based in San Marino, has selected Finastra Essence in order :to reduce payment delays resulting from over compliance.”
Finastra‘s SaaS solution, integrated with Digital Engagement Hub, its suite of digital applications, will “help Salve FH process rapid, high value payments for corporates and their beneficiaries by providing stringent compliance checks during the onboarding process and on a regular basis thereafter.”
The company will also leverage Finastra’s APIs “to build and maintain integrations with custodian and central banks.”
Massimo Ferracci, CEO at Salve Financial Hub SpA, said:
“As a startup with ambitious growth plans, we need a flexible solution, underpinned by robust technology, that enables us to tackle a major driver of late payments for our customers in Europe and eventually other regions. Coupled with the team’s expertise and ongoing support, Finastra’s innovative, proven SaaS solution and suite of applications will help us adapt quickly to new regulatory and customer demands and implement more applications as we grow. This is a strategic move that allows us to help more customers reduce the time and costs of delayed transactions resulting from overcompliance.”
Essence is “a cloud-first, next-generation digital banking solution which combines sophisticated functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency.”
Powered by open, microservices architecture, Essence’s rich, broad and deep retail and commercial banking functionality will “enable Salve FH to rapidly deploy market-leading products and services as it grows.”
Enabled by Digital Engagement Hub, the fintech will also “deliver data-driven, insight-led customer experiences, across a range of areas including, streamlined onboarding, seamless origination and sophisticated, omni-channel mobile and online banking.”
Siobhan Byron, EVP, Universal Banking at Finastra, said:
“Salve FH is a fast-growing fintech that speeds the flow of payments between its customers, via a hub model operating within a wider ecosystem. Balancing compliance checks and speed is crucial for the company as it works to remove friction from payments services and deliver a seamless experience to its customers without compromising security or fraud prevention. With open technology, cloud and seamless integrations, we are supporting Salve FH as it continues to grow its customer base and contribute to the economic growth of the San Marino financial system.”
As noted in the update, Finastra is “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 over 8,000 institutions, including 45 of the world’s top 50 banks.”