Cloud migration digitalizes the bank's processes, enhances integrated ecosystems and enables new opportunity for growth in the UK
LONDON, Aug. 3, 2022 /PRNewswire/ -- 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.
"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. For more information about the solution, click here.
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Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks. For more information, visit finastra.com.
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to retail and SME (Small and Medium Sized Enterprises) customers and is committed to values and ethics in line with the principles of the co-operative movement.
In 1992, The Co-operative Bank took a pioneering step to become the UK's first bank to have a customer-led Ethical Policy. And it's still unique today. The Bank's Ethical Policy defines how it acts as a business, the causes it supports and the ways it uses (and won't use) customers' money. It is shaped by the views of customers in regular Values & Ethics Polls.
In 2022 The Co-operative Bank is celebrating its 150th year of providing ethical banking services, and remains strongly positioned to provide an ethical alternative in the UK banking market.
About Luxoft, a DXC Technology Company
Luxoft, a DXC Technology Company, DXC is a digital strategy and software engineering firm with 20 years' domain expertise in investment banking, asset management, financial and corporate treasury and commodities trading. Luxoft uses technology to enable business transformation, enhance customer experiences, and boost operational efficiency through its strategy, consulting and engineering services. For more information, please visit www.luxoft.com
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