Financial services software applications provider, Finastra is taking its digital lending solutions to the next level as it announces its new cloud-based service following a partnership with IBM, the global hybrid cloud and AI solutions provider.
The new Finastra cloud-based lending managed services offering, called the Lending Cloud Service (LCS), offers comprehensive and cost-effective services for its corporate lending solutions – Loan IQ, Trade Innovation and Corporate Channels.
IBM will be supporting this service launch for Finastra clients in North America and Europe by providing design and implementation of LCS. Leveraging its generative AI for enterprise platform, watsonx, IBM will efficiently and resiliently manage the new platform. IBM will also provide ongoing services to Finastra’s LCS clients in North America and Europe with the aim of helping Finastra continue to grow its business.
LCS is delivered on Microsoft Azure, harnessing Finastra’s financial services technology. A cornerstone of the new LCS is service value management (SVM), a customer-first, continuous improvement, value-based approach to managing customers’ cloud transformation journey.
The next step in advancing lending solutions
Steve Moe, head of technology for lending at Finastra, said: “We are excited to make this announcement as it demonstrates momentum in continuing to provide seamless digital lending solutions to our customers. Part of our approach champions collaboration and tapping into partner core capabilities, and that’s what we are doing here.
“Working with industry giants like IBM gives us huge scale, credible skills and a reliable and quick path to implement offerings that deliver value at speed for our customers.”
Shanker Ramamurthy, global managing partner banking and financial markets at IBM Consulting, said: “The global banking community is increasingly recognising the imperative of leveraging exponential technologies, such as generative AI, the flexibility, resilience and security of hybrid cloud, and the exceptional access a robust ecosystem can deliver.
“The combination of these elements is a truly powerful competitive advantage. IBM is pleased to collaborate with Finastra on its modernised Lending Cloud Service, leveraging Microsoft Azure, which delivers a valuable offering, that provides greater value, automation, resiliency and generative AI-powered insights and actions to its corporate clients.”
User benefits
Combined with IBM’s established and reliable scalability, availability, and deep application management knowledge, users can benefit from:
- Quick deployment via a most valuable scope and pre-configured standing service
- Simplified and standardised system and business processes via service automation and tooling
- Enhanced value through the economics of cloud and additional features of the application
- Ongoing conformance with market protocols and applicable financial services industry standards
- Deep knowledge and expertise in application management for infrastructure management and resiliency delivered by IBM Consulting.
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