(12 April 2022 – Global) Open banking platform Finastra has formed a Banking-as-a-Service (BaaS) collaboration with Microsoft to provide access to finance for SMEs.
This will enable SMEs to unlock lending options without leaving their business management platform Microsoft Dynamics 365.
With consent from the SME, the solution will use information an SME already stores within Microsoft Dynamics 365, making it easier for them to apply for lending. The ability to provide banks with additional information, including accounts receivable and payable records, will improve lending decisions and time to cash for SMEs.
The Finastra SME embedded finance solution on Microsoft Dynamics 365 will be integrated with open APIs through Finastra's FusionFabric.cloud platform. It is expected to go live in the Summer, with initial focus on North America customers.
“This lending proposition for Microsoft Dynamics 365 demonstrates the huge benefit that embedded and contextual finance will bring to the industry and the communities within it,” said Finastra BaaS chief revenue officer Angus Ross.