FinTech Firm Finastra Selected To Power Citizens Bank’s Trade Finance Solutionbr>
US-based Citizens Bank has selected London-based FinTech firm Finastra to power the trade finance solution it offers to its corporate clients. Indian IT firm Infosys will be the implementation partner for this project.
Headquartered in Rhode Island, Citizens Bank is one of the oldest and largest financial institutions in the US, with $153.5 billion in assets. It offers a broad range of retail and commercial banking products and services to individuals, SMEs, middle-market companies, large corporations and institutions.
Citizens Bank will be implementing Finastra’s new trade finance solution called Fusion Trade Innovation. The solution will enable the bank’s corporate clients to digitize traditional paper-based trade processes, leading to increased efficiencies and reduced costs. The bank and its corporate clients will access integrated trade finance capabilities via Finastra’s private cloud solution, FinCloud.
Finastra said Citizens picked its Fusion Trade Innovation “for its end-user experience, ability to support all trade products, capacity to integrate with downstream systems through open APIs, and its high level of configurability.”
Michael Cummins, Head of Treasury Solutions at Citizens Bank, said that in addition to providing the best trade finance solution on the market, Finastra met their demand for a strategic partner that could provide other corporate banking solutions, such as syndicated lending and supply chain finance, as the bank’s needs evolve.
Nadeem Syed, CEO of Finastra, said Citizens Bank is not only changing the way they deliver trade finance solutions to their corporate customers in the near future, but will be well-prepared to scale their corporate banking business in the years ahead.
“Finastra sees increasing demand for a truly connected corporate banking experience, in which multiple corporate banking applications can be fully integrated on a single platform,” said Syed.
Earlier this week, Finastra officially rolled out its Fusion LenderComm platform, a blockchain solution for syndicated loans. The solution, which is now available as an app on R3’s Corda platform, enables financial institutions acting as agents to publish loan data to the ledger and extend self-service capabilities to lenders.