The Co-operative Bank taps Finastra for treasury infrastructure upgrade
The Co-operative Bank has selected Finastra’s Kondor cloud solution – available via Microsoft Azure – as it looks to upgrade its treasury infrastructure and automate manual reporting and processes.
Finastra says that Kondor, integrated with apps including CloudMargin and eflow via its FusionFabric.cloud platform, will provide the bank with a “modern, scalable and cost-efficient ownership model” along with access to ongoing upgrades.
“Moving from an on-premises model to a cloud-based managed service is a big part of our operational strategy for treasury activity,” says Gary McDermott, treasurer at The Co-operative Bank.
“With Finastra’s solution and the speed and flexibility offered by the cloud, we can continue to meet business requirements whilst ensuring regulatory compliance.”
The Co-operative Bank currently uses Finastra’s Fusion Risk for treasury credit risk management and its banking technology for payments services.
According to Finastra, Kondor supports open integration across all treasury trading instruments, third-party and proprietary analytics tools. It enables banks to trade high volumes of treasury and complex derivatives and options through an open platform via open APIs and datasets.
Shilpa Bangera, chief revenue officer, platform at Finastra, says the bank will “benefit from additional functionality such as automated reports, reconciliation, regulatory reporting and collateral management”.
Finastra’s partner Luxoft, a DXC technology company, was selected to manage the end-to-end implementation and services of Finastra Kondor in the cloud.