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Finastra ready to take on 2018 INTERVIEW


There are few firms that had a bigger 2017 than Finastra. The vendor is emerging from its mega-merger and preparing to take on 2018. IBS Journal got a chance to chat to deputy CEO, Simon Paris, about the firm’s next steps


Alex Hamilton Senior Reporter


What we realised two years ago was “what if we were to make this externally available” in a platform-as-a-service (PaaS) model. We will as Finastra exist in three simultaneous states: product, solution and platform. You might ask who’s interested from a platform perspective and there’s a fairly long list: system integrators, software companies, fintechs and universities – we have a great use case with the University College of London where the build pricing algorithms for how they make money in capital markets in a negative interest rate environment. Of course, we also have corporate developers who reside in a bank, who are the most important to me.


We can now say to these developers “fear not that your job will be replaced by an application, but look forward to creating front-end innovation” as we will take care of core business processes. In fact, there was a CIO who told me that in the back office there were only four providers globally: FIS, Fiserv, Finastra and the Chinese. The middle office is where the banks sit, while at the front are hundreds, if not thousands of consumer applications. They need a consistent core, and we can build that consistent core. We’re so far ahead, architecturally, that we have a lead of years over our so-called competitors.


Simon Paris, deputy CEO, Finastra I


BS Journal: Finastra is positioning itself as a platform provider, rather than a software provider. Was that an idea that had its roots in pre-merger Misys and D+H?


Simon Paris: This had been on the cards for a while with legacy Misys. It’s actually an interesting history. When Misys acquired Thompson Reuters’ Kondor platform, the latter had been investing very heavily in a next-generation architecture. We inherited that architecture and renamed it FusionFabric. We used this as an environment on top of which we would do around 70% of our strategic development. This allowed us to write in Java, allowed us to be ready out of the box and leverage in-memory computing. So, pricing, yields, whatever it might be, is built on top of this FusionFabric architecture.


IBS Journal: This platform transformation is occurring across the industry. Do you see this leading to a consolidation of suppliers for the banks?


SP: We will never reach nirvana. The reality is that banks will have fragmented architectures and multiple providers for some time. Will those consolidate and rationalise? Absolutely? Banks right now have several hundred suppliers and I expect in the future that will be reduced to the tens. Finastra will of course be a beneficiary of this. What we are also saying is that the rationalisation that banks are doing on their own we will do for them across transaction banking, retail banking, lending, and treasury and capital markets.


www.ibsintelligence.com | © IBS Intelligence 2018


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