Finastra is teaming up with IT provider Corvallis Tinexta Group to support Italian banks with their digital transformation journeys. With Finastra’s Essence, a SaaS solution deployed on the cloud via Microsoft Azure, Corvallis’ customers can upgrade their business models, embrace new innovations and adapt quickly to their customers’ demands.

“Cloud adoption is becoming increasingly significant for all financial institutions,” said Roberto Casalini, Digital Tech Business Line Director, Corvallis. “This is bringing greater efficiencies and flexibility to the sector. It enables banks to scale as required, optimise resources and enhance security. Deploying Essence will give them the ability to quickly transform their operations at a reduced cost, while providing their customers with the end-to-end, personalised and seamless experiences they expect.

“Above all, Finastra will help our customers achieve success, today, tomorrow and always.”

Essence: a cloud-first, next-gen digital banking solution

Finastra says that Essence combines sophisticated functionality and advanced technology. The aim is to increase enterprise agility, reduce costs and improve operational efficiency.

Banks can also tap into Finastra’s Retail Analytics. This is described by Finastra as a module that delivers a 360° view and turns raw data into actionable insights. Corvallis provides implementation expertise and complementary solutions. Examples include anti-money laundering (AML), payment and settlement, and fraud management.

“The Italian financial services marketplace is unique, so we needed a partner with strong knowledge of local banking processes and regulations alongside deep expertise in implementation and delivery,” said Saraswathy Parthasarathy, COO, Universal Banking at Finastra. “Collaborating with trusted and experienced partners is integral for Finastra’s growth and success. With more than 30 years of experience in supporting Italian financial institutions, we believe that Corvallis has the skillset required to deliver our solution to a wider pool of Italian banks, through a smooth and seamless customer experience.”

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Finastra and Corvallis’ first mutual customer went live in March 2023.