Financial software company Finastra has launched an enhanced cloud-based lending managed services platform in collaboration with IBM.
The updated Lending Cloud Service (LCS) platform integrates IBM’s technology and consulting expertise. It supports Finastra’s corporate lending solutions, including Loan IQ, Trade Innovation, and Corporate Channels, for clients across North America and Europe.
Finastra lending technology head Steve Moe said: “We are excited to make this announcement as it demonstrates momentum in continuing to provide seamless digital lending solutions to our customers.
“Part of our approach champions collaboration and tapping into partner core capabilities, and that’s what we are doing here. Working with industry giants like IBM gives us huge scale, credible skills and a reliable and quick path to implement offerings that deliver value at speed for our customers.”
IBM’s role in the initiative includes the design, implementation, and ongoing management of LCS, incorporating its watsonx generative artificial intelligence (AI) platform as part of its consulting assets.
The company aims to increase operational efficiency and resilience for Finastra’s clients. IBM will also oversee LCS’s ongoing services, supporting Finastra’s expansion in the corporate lending sector.
The platform leverages Finastra’s expertise in financial services technology and service value management (SVM), a model designed to support cloud transformation through continuous improvement and value-based strategies.
LCS integrates IBM’s expertise in scalability, infrastructure management, and application oversight. It offers faster deployment through a pre-configured service model and automation-driven standardisation of business and system processes.
According to IBM, clients can benefit from cost savings through cloud infrastructure and additional software features. The platform also ensures compliance with industry protocols and financial regulations while leveraging IBM’s application management capabilities for improved system resilience.
IBM consulting banking and financial markets global managing partner Shanker Ramamurthy said: “The global banking community is increasingly recognising the imperative of leveraging exponential technologies, such as generative AI, the flexibility, resilience and security of hybrid cloud, and the exceptional access a robust ecosystem can deliver.
“The combination of these elements is a truly powerful competitive advantage. IBM is pleased to collaborate with Finastra on its modernised Lending Cloud Service, leveraging Microsoft Azure, which delivers a valuable offering, that provides greater value, automation, resiliency and generative AI powered insights and actions to its corporate clients.”
This announcement follows Finastra’s recent partnership with i2c to expand payment issuance solutions for North American banks and credit unions. Through this agreement, Finastra’s clients can access i2c’s card processing and digital wallet services, including Apple Pay, Google Pay, and Samsung Pay.
The partnership with i2c also introduces enhanced cardholder controls and alerts for improved customer experience.
