Finastra said that it has collaborated with Kotak Mahindra Bank to support the latter’s new corporate banking portal, Kotak FYN.
Through the partnership, Kotak Mahindra Bank will leverage Finastra’s Unified Corporate Portal solution to expand the Kotak FYN portal for business and corporate customers to carry out all trade services.
Additionally, the Kotak FYN portal is set to include other services like payments, account services, and collections by Q4 2022. It will eliminate the requirement for multiple logins and different user interfaces.
Kotak Mahindra Bank global transaction banking president Shekhar Bhandari said: “Working together with Finastra, the Unified Corporate Portal will allow us to make the Kotak FYN portal even more revolutionary.
“We can provide intuitive, easy-to-use access to many products and user journeys through a single platform, reducing complexity and friction for our customers and providing a truly differentiated user experience.”
The Unified Corporate Portal, which uses Finastra’s corporate channels framework, assists banks to offer a seamless experience for their corporate clients across supply chain finance, account services, payments, trade, and lending.
Banks are able to develop a single view of transactions, positions, and balances by unifying data across multiple, product-specific portals and back-office systems. This improves operational efficiency and enables self-service, said Finastra.
Finastra MAAP managing director Manish Joshi said: “The user journey for corporate banking customers can be inefficient and complex, with customers often having to access different portals for different banking products, even within the same bank.
“Through collaboration and co-innovation with Kotak, we have built a unique offering that will help it gain a competitive edge in the corporate banking segment and we look forward to helping the bank to grow further in the future.”
