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Finastra and Tesselate Revolutionize Banking with New Digital Trade Finance Service

Finastra and Tesselate have recently made headlines with their strategic partnership to launch a digital trade finance service, aiming to transform and digitize the trade finance sector. This collaboration marks a significant step towards easing and accelerating the digitalization process for banks, allowing them to adapt to the ever-evolving market conditions and customer needs more effectively. Below is a detailed exploration of this partnership, its offerings, and the potential impact on the trade finance industry.

Introduction to Finastra and Tesselate

Finastra is a renowned global provider of financial software applications and marketplaces, known for its commitment to unlocking the potential of people and businesses in finance through innovation. Tesselate, on the other hand, brings to the table over a decade of experience in consulting and managing technological projects in the financial sector, specializing in corporate banking, risk management, capital markets, and asset management.

Tesselate Digital Trade Finance Service

The Partnership’s Core Offering

The cornerstone of this partnership is the Tegula Trade Finance-as-a-Service, powered by Finastra Trade Innovation. This service is designed as an all-encompassing, cloud-hosted, and fully managed platform that simplifies the trade finance process for banks​​​​. It leverages MITech’s CREDOC 5G, a bank-end system re-engineered to meet the latest functional, architectural, and technological standards​​. This collaboration is positioned to redefine the trade finance landscape by offering a comprehensive suite of corporate banking solutions that ensure compliance, enhance operational efficiency, and embrace innovation.

Key Features and Benefits

  • End-to-End Packaged Service: Tesselate and Finastra offer a seamless, all-inclusive service that acts as a “trade finance ecosystem in a box,” providing banks with a one-stop solution for digitalizing their trade finance operations​​.
  • Interoperability and Open APIs: The service ensures fast and efficient integration with FinTech innovations, thanks to its network of FinTechs and open APIs, which facilitate easier access to new technologies and capabilities​​​​.
  • Customization and Flexibility: The platform boasts built-in flexibility, allowing banks to tailor the software according to their unique needs, thereby offering a new level of productivity gains through enhanced automation capability​​.
  • Security and Compliance: With security being paramount, the platform aligns with the latest generation of security standards, ensuring that banks can offer their services with confidence​​.
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Impact on the Trade Finance Industry

The digitalization of trade finance is a critical need in the industry, driven by the demand for more efficient, secure, and customer-centric services. By combining Finastra’s extensive experience in financial software with Tesselate’s consulting and management expertise, this partnership is set to offer significant advantages to banks looking to innovate and grow their trade finance services. Not only does it promise to accelerate the digital transformation process, but it also aims to provide scalable solutions that can adapt to both market and customer demands, thereby enabling banks to seize new revenue opportunities with greater agility and less complexity​​​​.

Conclusion

The launch of the digital trade finance service by Finastra and Tesselate is a testament to the power of collaboration in the FinTech space. By harnessing the strengths of both companies, they are set to deliver a solution that not only meets the current demands of the trade finance industry but also anticipates future needs, thereby ensuring that banks remain competitive and responsive in a rapidly changing market.

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