Fintech firm Finastra has partnered with Microsoft to expedite the digital transformation of financial services.

The two companies entered into a multiyear cloud agreement to expand the usage of technology in banking sector.

Finastra and Microsoft already support 3,000 banks and financial institutions across payments, lending, treasury and retail banking on Azure.

Finastra CEO Simon Paris said: “This is a truly exciting step change in the relationship between our two companies.

“We believe the future of finance is open. Together with Microsoft, we can provide people, businesses and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone.

“As the pandemic has brought the future forward with regard to digitisation, our vision to transform the world of financial services aligns closely with Microsoft’s ambitions, and I believe that together we can help accelerate this digital shift.”

Microsoft Cloud + AI executive vice-president Scott Guthrie said: “We’re thrilled to be working with Finastra to transform the future of financial services by accelerating its move to the cloud.

“Together we will fuel the digital transformation of financial services, and by delivering on operational efficiencies and reducing risk, we will help increase productivity and enable deeper client engagement.”

Notably, Finastra uses Microsoft Azure to power its open innovation platform. The platform allows developers to develop and launch financial applications faster.

Finastra also utilises the Power Platform and Office 365 solutions.

Recently, Peoples Community Bank (PCB) in the US tapped Finastra to streamline its core and digital banking platforms.