Cloud migration digitalizes the bank’s processes, enhances integrated ecosystems and enables new opportunity for growth in the UK
Finastra announced today that The Co-operative Bank has selected Finastra Kondor in the cloud, available via Microsoft Azure, to upgrade its treasury infrastructure and automate manual reporting and processes. The solution, integrated with the apps CloudMargin and eflow via Finastra’s FusionFabric.cloud platform, will provide the bank with a modern, scalable and cost-efficient ownership model as well as access to ongoing upgrades and innovation.
“Moving from an on-premises model to a cloud-based managed service is a big part of our operational strategy for treasury activity,” said Gary McDermott, Treasurer at The Co-operative Bank. “With Finastra’s solution and the speed and flexibility offered by the cloud, we can continue to meet business requirements whilst ensuring regulatory compliance. Finastra has played an important role in our Treasury systems journey and we look forward to our continued collaboration to drive the digital treasury of the future.”
Finastra Kondor supports open integration across all treasury trading instruments, third-party and proprietary analytics tools. It enables banks to trade high volumes of treasury and complex derivatives and options through an open platform which, via open APIs and datasets, unlocks the power of collaboration and innovation. The Co-operative Bank also uses Fusion Risk for treasury credit risk management and Finastra’s banking technology for payments services.
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“By moving to the cloud, The Co-operative Bank can pursue continued growth and innovation in the UK market,” said Wissam Khoury, EVP Treasury and Capital Markets at Finastra. “In addition to being a highly successful consumer and business bank, The Co-operative Bank is a leader in ethical banking and is closely aligned with Finastra’s focus on placing environment, social and governance (ESG) factors at the heart of our strategy. We are excited to support the bank with enhancing its treasury operations and exploring possibilities to collaborate on future ESG activities.”
“Through FusionFabric.cloud, Finastra is orchestrating an open, collaborative and innovative financial services ecosystem,” said Shilpa Bangera, Chief Revenue Officer, Platform at Finastra. “By integrating with specialized apps, CloudMargin and eflow via our platform, The Co-operative Bank will benefit from additional functionality such as automated reports, reconciliation, regulatory reporting and collateral management.”
Finastra’s partner Luxoft, a DXC technology company, was selected to manage the end-to-end implementation and services of Finastra Kondor in the cloud.
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