The Co-operative Bank is to migrate its treasury infrastructure to Finastra’s Kondor cloud services to digitise its processes, enhance its integrated ecosystems and increase the opportunity for collaboration with UK-based organisations.
Kondor, which is available via Microsoft Azure and integrated within workflow applications CloudMargin and eflow, will provide the bank with a modern, scalable and cost-effective system to automate reporting and other processes.
The solution allows banks to trade high volumes of treasury and complex derivatives and options through an open platform. This enables them to gather information from data sets and application programme interfaces, which provides more opportunities for collaboration 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.”
The Co-operative Bank also uses Fusion Risk for treasury credit risk management and Finastra’s banking technology for payments services.
"By moving to the cloud, The Co-operative Bank can pursue continued growth and innovation in the UK market,” said Wissam Khoury, executive vice president of 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.”
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