Finastra, Modefin partner to provide FinTech solutions for banks in Africa

By Gloria Methri

Finastra, a global provider of financial software applications and marketplaces has partnered with global FinTech Modefin to offer its Fusion Trade Innovation and Fusion Essence solutions to banks in Africa and several Indian subcontinent markets.

Finastra’s solutions will help Modefin’s customers to embrace open finance and future-proof their banking and global trade operations.

“We are excited to partner with Finastra and bring its proven solutions to our current and future customers,” said Amit Darda, Co-Founder, and Director at Modefin. “We have a longstanding relationship, having partnered previously to bring our own solution to market via its FusionFabric.cloud platform. I look forward to bringing together Finastra’s solutions and expertise with our knowledge of the regional market and strong customer base.”

Fusion Essence, the cloud-enabled next-generation core banking solution, combines sophisticated functionality and advanced technology to increase enterprise agility and operational efficiency while using AI to unlock data for smarter business decisions.  The SaaS offering covers every stage of the user journey, enabling financial institutions to deliver end-to-end experiences for differentiation.

Fusion Trade Innovation is Finastra’s end-to-end solution with capabilities for frictionless trade and supply chain finance. It uses straight-through processing, digitalisation, and data analytics to enable intelligent trade for growth, with the ability to evolve with evolving compliance, customer, and competitive demands.

Wissam Khoury, EVP, Partner Ecosystem and Treasury & Capital Markets at Finastra said, “At Finastra, we believe that finance is already open. Our open ecosystem and best-of-breed solutions enable banks to leverage advanced technology and value-added services for ongoing innovation and growth. Our partners play an integral role in helping us to deliver this. With its strong team, track record, on-the-ground presence, and shared passion for open finance, we are pleased to partner with Modefin to help propel banks forward in the region.”