Finastra, Modefin offers fintech solutions in Africa, India

Finastra and fintech Modefin have entered into a partnership to offer Finastra’s solutions to banks in Africa and several Indian subcontinent markets.

As part of this partnership, the financial software application provider will deliver the Fusion Trade Innovation and Fusion Essence solutions, which are believed to help Modefin’s customers embrace Open Finance and future-proof their banking and global trading operations.

Fusion Essence is a cloud-enabled, next-generation core banking solution that combines sophisticated functionality and advanced technology aimed at increasing business agility and operational efficiency, while leveraging AI to unlock data for better business decisions. The SaaS offering covers every step of the user journey and helps enable financial institutions to deliver end-to-end experiences.

Fusion Trade Innovation is an end-to-end solution with capabilities to facilitate trade and supply chain finance. The product uses direct processing, digitization and data analytics to enable intelligent commerce for growth, with the ability to move forward with evolving compliance, customer and competitive demands.

Speaking about the partnership, Modefin officials have stated that they want to bring together Finastra’s solutions and expertise and Modefin’s knowledge of the regional market and its customer base and help banks accelerate growth with trade and supply chain finance, core banking services and digital solutions. The companies have a long-standing relationship, having previously partnered to bring Modefin solutions to market via Finastra’s FusionFabric.cloud platform.

Finastra representatives have stated in the press release that their open ecosystem and solutions enable banks to leverage advanced technology and value-added services to drive innovation and growth, and with partners playing an important role in helping deliver these solutions, In the future, the company sees the partnership with Modefin enabling the banks’ development in the region.

Finastra, Modefin’s mission and product offering

Finastra is a global provider of financial software applications and marketplaces that launched in 2017 an open platform aimed at innovation, FusionFabric.cloud. The company serves institutions of all sizes and delivers solutions and services across lending, payments, financial and capital markets, retail and digital banking aimed at banks to support direct banking connections and grow through indirect channels such as embedded finance and Banking as a Service. The company has approximately 8,600 institutional clients, including 90 of the world’s top 100 banks.

Modefin is a global fintech solutions provider that offers banks and financial institutions digital banking solutions to promote their growth in a digital age. Founded in 2011 in India, the company serves more than 60 banks in over 20 countries worldwide.