UK-based financial technology firm Finastra has unveiled cloud-based instant payments offering, Fusion Global PAYplus, for small and mid-sized banks.
The Fusion Global PAYplus packaged solution will allow tier three and four financial institutions in the EU and US to access cloud-based benefits without any cost and on-premise infrastructure requirement.
Based on Microsoft Azure, the new cloud-based payments offering will be generally provided to the customers from the second quarter of 2019.
The new offering will get central updates,, helping users to upgrade to latest changes or new product functionalities immediately, including SWIFT and clearing scheme updates.
Banks can access standardized pricing and onboarding processes with the latest SaaS model. It is said to provide a clear and future-proof cost structure and flexibility in a market where volumes are currently not easy to predict.
The Fusion Global PAYplus packaged cloud solution will support immediate payments processing, including high throughput all day, every day and end-to-end transaction times of seconds. The packaged cloud solution will allow financial institutions to move from a CapEx to an OpEx environment.
According to the company, the users of Fusion Global PAYplus packaged cloud solution will also benefit from Finastra’s open innovation vision and the FusionFabric.cloud ecosystem.
Finastra payments general manager and senior vice president Sagive Greenspan said: “We will enable small and mid-sized banks to step up to the plate and really compete in the cloud environment.
“Where the largest banks would likely prefer our private cloud solution, small and mid-sized banks crave cost-effective packaged solutions which are quick to deploy and avoid legacy platform complications, but still deliver a state-of-the-art product.”
In September this year, Finastra introduced a new fully integrated cloud-based retail solution, Fusion Essence.
Designed for the UK market, the core and digital solution is available to all banks in the country and can be deployed on Microsoft’s Azure enterprise-ready trusted cloud platform.
In 2017, Finastra was established by combining Misys and D+H. The firm offers financial services software, which can be used in retail banking, transaction banking, lending and treasury and capital markets.