As cloud technologies emerge to help financial institutions (FIs) drive digital innovation, Finastra has introduced its Fusion Payments To Go offering for small and medium-sized banks. In addition, Monese adopted Thought Machine’s cloud banking platform.
Also seen in this week’s roundup of the latest in Bank-FinTech innovations was Alacriti teaming with The Clearing House on real-time payments (RTP), while Singapore Banking-as-a-Service (BaaS) startup RootAnt concluded a seed round with $1.46 million.
PYMNTS rounds up the latest initiatives below.
Fusion Reveals Payments Platform Banks
The offering is geared toward small and medium-sized banks aiming to implement domestic and international payment services in the U.S., Europe and South Africa.
Fusion Payments To Go offers “best-practice” features and operating rules for supported settlement and clearing functions, in addition to standard integration with outside applications, according to the announcement.
It comes “pre-packaged” with decreased fixed implementation expenses and quick, safe and expandable deployment in the cloud on Microsoft Azure, according to the announcement.
“Fusion Payments To Go offers a paradigm shift in how we design, develop and deploy payments software – part of our commitment to connecting financial institutions, consumers and businesses around the globe through modern payment solutions,” Sagive Greenspan, senior vice president and general manager of payments at Finastra, said in an announcement.
Monese Adopts Thought Machine’s Cloud Banking Platform
Vault’s “Smart Contracts” product building toolkit helps FIs and FinTechs quickly create new offerings as they bolster the onboarding and continuing client experience.
“At Monese, our goal is to provide truly modern, portable banking services so customers have the freedom to thrive wherever they are in the world,” Monese CEO Norris Koppel said in a prepared statement. “By adopting Vault, we unlock new possibilities to deliver a seamless banking experience that will inevitably help us reach more customers.”
Monese will transition current British and European account holders to the Thought Machine platform.
Alacriti Collaborates With The Clearing House on RTP
Alacriti, a FinTech that was started in 2003, works with banks and other customers on making the migration to digital payments. The firm said it would work with The Clearing House on a new venture to “foster real-time payments.”
The venture brings together Alacriti’s cloud-based platform with the RTP network created by The Clearing House.
“We’re committed to providing advanced cloud-native solutions that help financial institutions of all sizes accelerate their connection to the RTP network without needing to make expensive technology investments,” said Carl Robinson, senior vice president at Alacriti.
RootAnt Finishes Seed Round With $1.46M
Linear Capital served as the head investor, while additional help originated from KZM & Company Group. Root Ant aims to grow in Singapore and to the rest of Southeast Asia and Japan with the new fundraising.
By linking FIs and enterprises with new digital offerings, RootAnt seeks to let banks and non-bank FIs integrate innovative features, such as embedded financing, to bolster customer experiences.
“The current economic climate requires innovation and customer-focused digital solutions that truly make a difference for a more sustainable economy,” RootAnt Founder and CEO Lincoln Yin said, per a report. “Through our digital and open banking technological capabilities for transaction banking, we aim to become a key player in this industry to continue supporting businesses with their financing demands as they recover from the impact of COVID-19.”