UK-based financial software provider Finastra is joining forces with Italian IT company Corvallis to assist Italian banks with their digital transformation journeys.
Corvallis is a part of Italian cybersecurity hub TinextaCyber (Tinexta Group).
Finastra said that its SaaS solution Essence deployed on the cloud through Microsoft Azure is expected to enable Corvallis’ customers to upgrade their business models, employ new innovations, and rapidly adapt to their customers’ needs.
Essence is a cloud-first, next-generation digital banking solution designed to boost organisational agility, lower costs, and enhance operational efficiency.
Finastra universal banking chief operating officer Saraswathy Parthasarathy said: “The Italian financial services marketplace is unique, so we needed a partner with strong knowledge of local banking processes and regulations alongside deep expertise in implementation and delivery.
“Collaborating with trusted and experienced partners is integral for Finastra’s growth and success.”
Powered by open architecture and connected with FusionFabric.cloud, Essence’s retail and commercial banking capabilities allow institutions to quickly deploy industry-leading products and services, said Finastra.
Banks are also expected to choose Finastra’s retail analytics module that delivers a full view and converts raw data into actionable insights.
Corvallis offers complementary solutions and implementation expertise in areas including fraud management, payment and settlement, and anti-money laundering (AML), said Finastra.
Corvallis digital tech business line director Roberto Casalini said: “Cloud adoption is becoming increasingly significant in Italy for all financial institutions. This is bringing greater efficiencies and flexibility to the sector, enabling banks to scale as required, optimise resources and enhance security.
“Deploying Essence will give them the ability to quickly transform their operations at a reduced cost, while providing their customers with the end-to-end, personalised and seamless experiences they expect.”
The companies’ first mutual customer went live in March 2023.
In November 2022, Finastra partnered with US-based fintech company Jifiti to extend embedded finance capabilities to all financial organisations in its banking as a service (BaaS) ecosystem.
