Finastra, a global leader in financial software applications, has announced an expanded partnership with Corvallis, Tinexta Group, a prominent IT services provider within the Italian financial services sector. This collaboration aims to empower Italian banks in their journey towards payment transformation. The partnership extends beyond Finastra’s SaaS digital banking solution, Essence, to encompass Finastra Payments To Go, an end-to-end SaaS payment processing solution, and Global PAYplus, a comprehensive payment hub solution.
Italian banks are facing the challenge of complying with upcoming European instant payments regulations while modernizing their often outdated and complex IT infrastructures. Finastra’s solutions facilitate SEPA and international payments, enabling these banks to meet regulatory requirements and streamline their payment systems.
Giampietro Vavassori, Business Solution Director at Corvallis, emphasized the importance of this partnership in light of the impending European regulation on instant bank transfers in euros. He noted the necessity for a significant overhaul of current payment solutions to accommodate the expected increase in instant payments, which will gradually replace conventional transfers. Finastra’s payment solutions offer a solution to this complexity by eliminating legacy payment silos, simplifying processes, and opening doors to new market opportunities.
Payments To Go is designed to fast-track the rollout of instant payments services for banks, allowing them to offer flexible digital payment options more efficiently. Global PAYplus provides a comprehensive suite of payments services, covering high-value, mass, and real-time payments within a single solution. Corvallis, with its expertise in implementation and complementary solutions like anti-money laundering (AML), payment and settlement, and fraud management, adds further value to this partnership.
Merten Slominsky, Managing Director EMEA, Payments at Finastra, highlighted the commitment of both Finastra and Corvallis to equip Italian banks with the necessary tools for embracing modern banking practices. Finastra’s solutions, designed for seamless integration with third-party services through APIs, enable Corvallis’ customers to drive ongoing innovation in payments and swiftly adapt to changing regulatory and customer requirements. This partnership combines technological innovation with deep industry knowledge, ultimately working towards shaping the future of payments.