Finastra and Microsoft join forces for financial services software

Finastra and Microsoft have announced that they are working together to deliver secure and cost-effective financial services cloud solutions

Finastra and Microsoft join forces for financial services software

Microsoft Azure, Microsoft’s enterprise-ready trusted cloud platform, will underpin as Finastra’s strategic cloud platform. As part of the partnership, Finastra will launch a selection of its global payments and retail banking products on Azure over the course of this year.

Simon Paris, deputy CEO at Finastra, said: “As we change the way software is written, deployed, consumed and monetised with our open architecture, it makes sense to team up with a trusted technology powerhouse like Microsoft which shares our values in providing secure, accessible and modern technology in high-performance environments.

“ completely opens our software up to third parties, and our broad solution set is unparalleled, enabling us to revolutionise the traditional development model and pave the way for future generations to embrace a collaborative ecosystem approach. The Azure cloud ensures we are best placed to make this happen and offer our customers robust technology on a secure and proven platform.”

Customers will be able to access more cost-effective cloud-based technology solutions across the financial services landscape. Finastra stated that it will help its cloud customers transform their businesses.

Toni Townes-Whitley, corporate vice president of industry at Microsoft, added: “Technology is increasingly providing a competitive advantage to financial services businesses looking to thrive in the digital economy.

“We are excited to collaborate with Finastra to deliver innovative financial services solutions powered by Microsoft Azure, underpinned by our investments in cloud security and regulatory compliance.”

Microsoft continues to see strong cloud adoption from the financial services industry, with more than 80% of the world’s largest banks and more than 85% of the global systemically important financial institutions using Azure.

Finastra stated that it has already moved its US payments line to Azure. The partnership was announced today at Finastra’s regional flagship thought leadership event in Frankfurt.