Finastra partners Microsoft for cloud transformation

Microsoft has signed a cloud agreement with Finastra targeted at helping financial firms benefit from digital transformation.

Under the terms of the multi-year deal, Finastra customers - including banks, credit unions and other financial providers - will be able to use Microsoft’s Azure cloud services, Power Platform and Microsoft 365 to analyse data, leverage artificial intelligence and store more information online.

The latest agreement builds on a strategic alliance that Microsoft and Finastra signed in 2018 to deliver secure, flexible and cost-effective financial services cloud solutions.

By using Azure as a foundation for its software, Finastra can offer a range of services that help to tackle legal, compliance and security challenges for its clients.

Finastra and Microsoft already use Azure to support 3,000 banks and financial institutions in their work with payments, lending, treasury and retail banking.

Scott Guthrie, executive vice president of cloud and AI at Microsoft, said: “Finastra’s open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services - by helping with capabilities such as e-signatory and e-notary, Finastra is able to quickly extend those solutions for more customers."

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