Finastra and Microsoft have entered a multi-year agreement to accelerate the transformation of financial services using the cloud. They will develop new technologies on Microsoft Azure to enable banks to deliver sustainable, open finance. 

Simon Paris, CEO of Finastra, says that the partnership can “provide people, businesses and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone”.  

According to Finastra, the agreement aims to reimagine the way banks and credit unions use technology and how we all think about sustainable, open finance. Finastra’s Azure-based FusionFabric.cloud platform will also be used to encourage the development of innovative financial services applications. 

“Finastra’s open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services,” said Scott Guthrie, executive vice president of cloud and artificial intelligence at Microsoft. “We’re thrilled to be working with Finastra to transform the future of financial services by accelerating its move to the cloud. Together we will fuel the digital transformation of financial services, and by delivering on operational efficiencies and reducing risk, we will help increase productivity and enable deeper client engagement.”

Finastra is also using the Power Platform and Office 365 to transform business and optimise operations by supporting smart working, delivering greater collaboration and driving a digital-first mindset among employees. 

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