Kotak Mahindra Bank taps Finastra for integrated corporate banking solution
Finastra has partnered with India’s Kotak Mahindra Bank to power Kotak FYN, its new integrated corporate banking portal.
The two firms have been working together, leveraging Finastra’s Unified Corporate Portal solution, since October 2021 to expand it to Kotak’s business and corporate customers.
The portal currently allows the bank’s customers to carry out all kinds of trade services. By the end of this year, Kotak FYN will see additional services being launched including account services, payments and collections, eliminating the need for multiple logins and disparate user interfaces.
“We can provide intuitive, easy-to-use access to many products and user journeys through a single platform, reducing complexity and friction for our customers and providing a truly differentiated user experience,” says Shekhar Bhandari, president, global transaction banking, Kotak Mahindra Bank.
Finastra’s solution helps banks build a “seamless experience” for their corporate clients spanning account services, payments, trade, supply chain finance and lending.
Banks can unify data across portals and systems to create a single view of transactions, positions and balances, “enabling self-service and driving operational efficiency”. It also allows users to customise their experiences.
Founded in 2017 and based in London, Finastra offers financial software applications to 8,600 institutions across the world, including 90 of the world’s top 100 banks.