Italian banks face the challenge of modernizing their IT structures and integrating real-time payments in preparation for the EU’s mandatory transition to instantaneous credit transfers. To address this, Finastra, a leading financial technology provider, has entered into a partnership with Corvallis, an Italian software company, to provide Italian banks with the necessary tools and solutions to stay ahead of the impending European instant payment regulations.
Finastra’s Solution
Finastra’s Essence, a Software-as-a-Service (SaaS) digital banking solution, has recently been enhanced to incorporate Finastra Payments To Go and Global PAYplus, two powerful payment processing solutions. By combining these solutions, Finastra aims to provide Italian banks with a comprehensive platform that simplifies SEPA and international payments, ensuring compliance with the forthcoming European instant payment regulations.
Simplifying SEPA and International Payments
The development of Finastra’s Essence platform, combined with Payments To Go and Global PAYplus, is designed to simplify SEPA and international payments for Italian banks. These solutions offer streamlined processes and a robust payment hub, enabling banks to seamlessly align their services with the upcoming European instant payment regulations.
With this collaboration, Finastra’s focus expands from just Essence to cover Payments To Go and Global PAYplus. This broader range of solutions enables Italian banks to enhance their IT systems and meet the evolving demands of the financial industry.
Goal
The partnership between Finastra and Corvallis seeks to modernize outdated banking IT systems and ensure compliance with the EU’s instant payment regulations. By equipping Italian banks with the necessary tools and technologies, the partnership aims to streamline payment processes, improve efficiency, and enhance customer experiences.
Payments To Go
As part of Finastra’s solution, Payments To Go offers a streamlined process for banks to expedite their instant payment service rollouts. This solution empowers banks to quickly and efficiently implement their instant payment services without compromising on quality or security.
Global PAYplus
Finastra’s Global PAYplus provides Italian banks with a comprehensive spectrum of payment services. Grounded on microservices and an ISO 20022 native data model, Global PAYplus enables banks to process a wide range of payment types, including domestic, cross-border, and mass payments. This solution ensures efficiency and accuracy in payment processing, benefiting both the banks and their customers.
Support for European Regulation
Giampietro Vavassori, Director of Corvallis Business Solutions, highlights how this partnership supports the imminent entry into force of the European regulation on instant bank transfers in euros. By embracing Finastra’s solutions, Italian banks can comply with the new regulation without incurring additional costs, ensuring a smooth transition to real-time payments.
Mutual Commitment
Finastra’s Managing Director EMEA, Payments, Merten Slominsky, emphasizes the mutual commitment between Finastra and Corvallis to equip Italian banks with the right tools to embrace the modern age. This partnership goes beyond technological solutions, offering ongoing support and expertise to help Italian banks navigate the complex landscape of instant payments and IT modernization.
The partnership between Finastra and Corvallis aims to equip Italian banks with the necessary tools to comply with European instant payment regulations and modernize their IT systems. By leveraging Finastra’s Essence, Payments To Go, and Global PAYplus solutions, Italian banks will be well positioned to meet the demands of the rapidly evolving financial industry while providing efficient and seamless payment services to their customers. This collaboration exemplifies the commitment of both Finastra and Corvallis to supporting Italian banks as they navigate the transformation towards instant payments and embrace the modern era of banking.