Finastra, a leading provider of financial software applications and marketplaces, alongside Tesselate, a consultancy and integrator for digital transformation, have announced the introduction of a comprehensive, ready-to-implement service aimed at simplifying and accelerating the digitalisation of trade finance.
The service, named Tegula Trade Finance as a Service and underpinned by Finastra Trade Innovation and Corporate Channels, offers US banks the capability to streamline manual operations and respond swiftly to emerging requirements, ensuring faster market and value realisation.
Through FusionFabric.cloud by Finastra, banks have the added advantage of integrating fintech solutions that leverage cutting-edge technologies like artificial intelligence, blockchain, and automation tools.
Jim McMahon, Managing Director, Head of Enterprise Sales and Strategic Partnerships, Americas at Finastra, said, “Trade finance is a complex industry that is still reliant on manual and often fragmented processes. Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership.
“Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services. We are bringing together Finastra and Tesselate’s industry-leading solutions, services, and expertise to make digitalisation as seamless as possible for banks.”
Corporate Channels offers a digital banking platform that consolidates trade, cash, supply-chain finance, lending, and treasury services for corporates into a single portal. Trade Innovation provides a comprehensive solution for effortless trade and supply chain finance, incorporating straight-through processing, digitalisation, and data analytics to bolster growth and flexibility.
Tegula stands as a scalable, cloud-based, fully-managed Trade Finance as a Service platform, designed for easy integration within a bank’s infrastructure. The amalgamation of cloud-based service and access to the broader fintech ecosystem of Finastra empowers US banks to future-proof their operations, diversify revenue sources, venture into new territories, and enhance security.
Alexandre Arnoux, Chief Revenue Officer and Managing Partner at Tesselate, said, “Adopting new technology can be costly at every stage, and it can be challenging to resource IT teams with the right skills to manage it. By delivering our all-in-one joint solution as a highly secure managed service, banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitalisation.
“Banks can take a modular approach to implementation for better cost and resource control, and we provide the ongoing updates, enhancements, and new capabilities at speed. Finastra and Tesselate are natural partners; we are working together to accelerate trade finance digitalisation for any size of bank.”