Overview of Finastra
Finastra is a renowned global financial technology company that provides pioneering, fully customizable solutions spanning across retail banking, lending, and transaction banking. Its sizable product suite amalgamates three major divisions- corporate and digital banking, lending and mortgage, and retail banking. It champions innovative solutions through its open platform that enables seamless integration and an expansive marketplace. The products and services offered by Finastra are primarily leveraged by financial institutions, community banks, credit unions, and corporations.
History of the Company
The company was initially established in 2017, as a result of the merger between Misys and D+H (a global payments and fintech provider). Finastra carries a legacy of more than 100 years, inherited from the long-standing histories of the merged companies. Over these years, it has acquired multiple software firms to form a comprehensive collection of banking-related technology.
The Typical Data Processed by Finastra
Finastra deals primarily with financial data processing. This encompasses a broad spectrum of data types such as transaction data, customer profile data, loan and mortgage data, treasury data, and risk data, amongst others. With stringent security measures in place, Finastra assures a robust and secure environment for its clients' data.
Where Finastra Operates
Headquartered in London, UK, Finastra operates globally in over 130 countries. Its cutting-edge solutions resonate with a client base of over 9,000 customers, including 48 of the top 50 banks internationally. The company has a strong presence across North America, Europe, the Asia-Pacific, Middle East and Africa.
Key Features of Finastra
Finastra offers a number of key features. It provides an open development platform, empowering clients to create custom solutions tailored to their requirements. Finastra's products cover a vast range usages in financial services including core banking, lending solutions, payment solutions, treasury and capital markets, and mortgage solutions. Its cloud-based services enable users to manage operations efficiently, providing the convenience of access from anywhere. The company is also known for its focus on innovation and continuously keeps updating its products based on industry needs and digital trends.
Importance of Vendor Monitoring & Comparison
Monitoring and comparing vendors like Finastra is vitally important from a data compliance perspective. It helps businesses evaluate the risk of data breaches and the associated legal compliance implications. Any company sharing data with a third-party vendor must ensure the vendor's adequacy to protect sensitive and regulated data. Regular monitoring & comparison ensures the vendor's ongoing compliance with industry standards and regulations and helps to safeguard against any likely data breaches. It provides peace of mind that the vendor keeps up with the constant changes in the regulatory and threat landscape.