Finastra and Tesselate Collaborate on Trade Finance Digitalization
Finastra and Tesselate have joined forces to introduce a new service called Tegula Trade Finance as a Service, aimed at simplifying and speeding up the digitalization of trade finance. This collaboration will provide US banks with the ability to streamline manual operations and adapt quickly to emerging requirements, resulting in faster market and value realization.
One of the key advantages of this service is the ability for banks to integrate cutting-edge fintech solutions through Finastra’s FusionFabric.cloud. This includes technologies such as artificial intelligence, blockchain, and automation tools.
According to Jim McMahon, Managing Director and Head of Enterprise Sales and Strategic Partnerships, Americas at Finastra, “Trade finance is a complex industry that still relies on manual and fragmented processes. Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors, and total cost of ownership.”
The Tegula Trade Finance as a Service platform offers a cloud-based solution that can easily integrate into a bank’s infrastructure. By leveraging cloud-based services and access to Finastra’s broader fintech ecosystem, US banks can future-proof their operations, expand revenue sources, explore new territories, and enhance security.
Alexandre Arnoux, Chief Revenue Officer and Managing Partner at Tesselate, emphasized the cost and resource benefits of the joint solution, stating that “banks do not need to invest in significant amounts of additional resources or take them away from their core business to pursue digitalization.”
The partnership between Finastra and Tesselate aims to accelerate trade finance digitalization for banks of any size by providing ongoing updates, enhancements, and new capabilities at speed. With this new service, US banks can overcome the challenges of traditional trade finance processes and embrace the benefits of digitalization.
Analyst comment
This news is positive for the market. The collaboration between Finastra and Tesselate will simplify and accelerate the digitalisation of trade finance. US banks can streamline manual operations, integrate cutting-edge fintech solutions, and future-proof their operations. This will result in increased efficiencies, decreased processing times, decreased risk, and enhanced security. The joint solution offers cost and resource benefits and aims to accelerate trade finance digitalisation for banks of any size.
