Finastra, a provider of financial software applications and marketplaces, and Tesselate, a consultancy, have announced the launch of an end-to-end pre-packaged service for faster and easier online trade finance.
Tegula Trade Finance as a Service, powered by Finastra Trade Innovation and Corporate Channels, enables US banks “to automate manual processes and adapt to new demands with a quicker time to market and value.”
Via Finastra’s FusionFabric.cloud, banks can also “integrate fintech applications that use the latest technologies such as artificial intelligence, blockchain and automation tools.”
Jim McMahon, Managing Director, Head of Enterprise Sales and Strategic Partnerships, Americas at Finastra, said:
“Trade finance is a complex industry that is still reliant on manual and often fragmented processes. Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership. Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services. We are bringing together Finastra and Tesselate’s industry-leading solutions, services, and expertise to make digitalization as seamless as possible for banks.”
Corporate Channels is a digital banking platform “that provides banks with a single portal to unify trade, cash, supply-chain finance, lending, and treasury services for corporates.”
Trade Innovation is an end-to-end solution “for trade and supply chain finance that uses straight-through processing, digitization, and data analytics to support growth and agility.”
Tegula is a scalable, cloud-hosted and “fully-managed Trade Finance as a Service platform that can be easily integrated within a bank’s organization.”
The combined cloud-based service and “access to Finastra’s wider fintech ecosystem means US banks can future-proof their business, increase revenue streams, expand into new markets, and strengthen security.”
Alexandre Arnoux, Chief Revenue Officer and Managing partner at Tesselate, said:
“Adopting new technology can be costly at every stage, and it can be challenging to resource IT teams with the right skills to manage it. By delivering our all-in-one joint solution as a highly secure managed service, banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitalization. Banks can take a modular approach to implementation for better cost and resource control, and we provide the ongoing updates, enhancements, and new capabilities at speed. Finastra and Tesselate are natural partners; we are working together to accelerate trade finance digitalization for any size of bank.”
