Finastra & HCL Upgrading TMS to the Cloud
(03 February 2021 – Asia) Finastra and HCL Technologies plan to offer digital Treasury-as-a-Service (TaaS), targeting smaller banks in India and the Philippines.
United Kingdom (UK) headquartered Finastra and Indian software services provider HCL Technologies plan to take digital treasury management systems (TMS) technology for banks to the cloud, also targeting lenders in Northern Europe and North America. The two groups are partnering for a digital TaaS offering, saying they will enable banks to tap into an affordable technology that “optimizes treasury operations and produces cost savings.” Their focus will be on smaller banks in India and the Philippines in Asia, in addition to similar lenders in Northern Europe and North America.
TMS, the software at the heart of treasury operations, have over the years steadily moved to the cloud for corporate clients, with the convenience offered by cloud-based alternatives and falling cost of ownership helping to spur demand. Banks, however, have historically been reliant for treasury management on manual processes, which can be prone to errors and impede growth and agility, according to Finastra and HCL.
Their digital TaaS offering will be powered by Finastra’s treasury software, Fusion OPICS, and hosted on Microsoft Azure cloud computing services platform. Fusion OPICS is currently used by more than a hundred banks worldwide to automate their core treasury operations, according to Finastra.
“The treasury market is ripe for transformation because of factors including increased regulation and competitive pressures to attain scale. A cloud-based treasury management service would allow banks to react more quickly to market demand and take advantage of future growth opportunities” said Finastra Senior VP, Denise Parker.
“As banks across the globe accelerate their cloud first strategy, the ability to adopt a secure and accessible digital treasury as a service offering will be essential” stated HCL Financial Services President, Rahul Singh.