By Ahmed Rahma
Africa’s leading technology-driven company focused on the digitization of payments in Africa, Interswitch, on Monday strengthened its partnership with Finastra.
The collaboration was to provide innovative world-class technology-based solutions for digital payments, corporate banking, treasury and trade finance to financial institutions in Africa.
With this strategic partnership, Interswitch becomes Finastra’s lead technology partner in the Nigerian market, enabling the latter to bring the broadest set of financial software solutions to financial institutions in the country and across the continent.
According to the Group Chief Executive Officer of Interswitch, Mr Mitchell Elegbe, the company is committed to continually exploring opportunities, including partnerships, with leading brands such as Finastra, to deliver world-class technology, innovative products and digital solutions to African financial institutions.
“Our partnership with Finastra is consistent with our strategic growth plan and we both share the vision of deepening access to financial services by providing world-class technology and innovative solutions.
“The partnership enables Finastra to seamlessly deploy its technology in this market.
“For Interswitch, we will be leveraging our proven success and expertise in delivering transaction banking solutions to support Finastra in localizing and implementing their technology in this region,” Mr Elegbe said.
On his part, the Head of Partner Ecosystem MEA & CIS at Finastra, Mr Hamid Nirouzad, stated that, “Interswitch has a proven track record of delivering solutions to commercial banks, as well as a strong understanding of the local banking landscape across Nigeria and sub-Saharan Africa.
“Finastra is committed to providing its solutions to financial institutions across the world, and partnerships such as this result in successful projects, with rapid delivery at a reasonable cost.”
The collaboration positions Interswitch as the go-to business for financial solutions, including treasury and trade solutions to banks and other financial institutions in Africa. Two of the Finastra solutions now available via Interswitch include Fusion Kondor and Fusion Trade Innovation.
Fusion Kondor is Finastra’s treasury solution provides a low-risk system for bank treasury operations to grow and expand their businesses at the pace and complexity level required.
In addition, it enables increased automation, improved efficiencies and reduced costs through the removal of fragmented data sets and tighter integration.
Finastra’s Fusion Trade Innovation provides market-leading functionality for digital trade and supply chain finance. It provides banks with the electronic submission and processing of information required by customs, uses risk-based inspections and promotes efficiency in product-specific inspections.
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