Finastra on board Fragmos Chain’s blockchain platform for post-trade digitization of over-the-counter derivatives

Through blockchain technology, Finastra’s Treasury & Capital Markets clients can eliminate paper documents while reducing capital markets trading costs and risk

LONDON, 22 November 2022 /PRNewswire/ — Today, Finastra announced a partnership with Fragmos Chain, a blockchain platform that digitizes interactions between financial institutions, to provide Finastra customers with out-of-the-box integration with Finastra Summit, its over-the-counter (OTC) derivatives market solution. The API-first integration, via FusionFabric.cloud, enables banks globally to digitize their OTC derivatives products to reduce the costs and risks associated with manual processes.

Daniel Ivaniersaid CEO of Fragmos Chain, “Our partnership with Finastra transforms the way banks work together. By digitizing the confirmation process for all derivatives, automating all post-trade processes and demanding documentation, for example for the International Swaps and Derivatives Association (ISDA), and eliminating paper, it helps we the banks to streamline operations, act efficiently and securely, and reduce risk, capital and costs. We are pleased to partner with Finastra and provide a value-added service to banks using their industry-leading capital. markets software.”

Fragmos Chain is a cloud-hosted blockchain platform that provides next-generation post-trade derivatives. Integrated with Finastra’s capital markets solution, banks will benefit from trade synchronization through smart contracts and big data sets to drive efficiency and improve regulatory reporting. Through cloud deployment and distributed ledger technology (DLT), banks can match their trades, events and cash flows for seamless and timely settlement in a collaborative manner. They can also store their data securely and exchange it with counterparties in real time.

Benoît RiquetChief Product Officer, Treasury & Capital Markets at Finastra said: “Our partnership enables us to transform our clients’ business models by providing a digital market infrastructure underpinned by DLT. Integrating Fragmos Chain with Finastra’s Summit, via our open innovation platform FusionFabric .cloud, will help reduce the challenges associated with traditional post-trade processes, such as reconciliations and disputes, to support a bank’s continued growth.We are excited to partner with Fragmos Chain, bringing the benefits of our open ecosystem to our customers at the top of our feature-rich trading solution.”

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For more information about the Finastra Summit, click here.

For more information please contact:

Sofia Romano
Senior PR Manager, EMEA
T: 07552865009
E: [email protected]
Finastra.com

About Fragmos Chain
Fragmos Chain develops and operates a Blockchain platform that automates interactions between financial institutions on derivatives. Based on ISDA CDM and Corda DLT, its cross-asset and product platform covers all types of unsettled OTC derivatives. It provides security, flow and efficiency to the post-trade administration of these products through the automation of matching, reconciliation and confirmation of trades, events and cash flows, dramatically reducing risk, capital and costs.

For more information, visit fragmos-chain.com

About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, offering award-winning software solutions and services across lending, payments, finance and finance . Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks.

For more information, visit finastra.com

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SOURCE Finastra