Finastra is awarded the top designation for its leading ability to help financial institutions modernize their payment infrastructure
LONDON, Dec. 22, 2022 /PRNewswire/ -- Finastra today announced that Finastra Global PAYplus has been named best-in-class status in Aite-Novarica Group's Matrix Evaluation of Payment Hub Vendors. The report compares leading payment vendors' offerings and strategies, recognizing specific vendors for their strengths in critical areas to help financial institutions select new technology partners.
Erika Baumann, Director, Commercial Banking and Payments Practice at Aite-Novarica said, "Selecting a technology partner or partners to assist on a payments modernization journey is an important decision for FIs. Understanding the vendor options in the market is a key step in this process. Finastra has a strong global presence and reputation in the payments landscape, with modern technology that clients receive well. As such, and based on our in-depth evaluation across numerous factors, we've recognized Finastra Global PAYplus as a best-in-class solution available in the market."
Global PAYplus offers a broad suite of payments services, spanning high-value payments, mass payments, and real-time payments in a single solution. Based on a modern API and microservice-enabled platform with an ISO 20022 native data model, it can be easily, quickly, and predictably integrated with a financial institution's existing technology infrastructure, enabling financial institutions to consolidate silos of legacy payment applications into a single platform that can be deployed globally yet controlled locally. This reduces risk, simplifies administration, and decreases overall operating costs.
Barry Rodrigues, EVP of Finastra's Payments Business Unit, said, "On behalf of the entire payments team at Finastra, it's an honor and a privilege for our global payments solution to be recognized as a best-in-class payment hub by Aite-Novarica Group. Our teams work each and every day to ensure financial institutions across the world have the tools they need to deliver innovative payment solutions to their customers, and we're grateful that so many have shared their positive experiences for this ranking. As the industry continues to embrace open banking and explore the wider opportunities of open finance, we look forward to introducing Global PAYplus to new banks as they continue their innovation journeys."
The Aite Matrix, a proprietary Aite-Novarica Group vendor assessment framework, evaluates the overall competitive position of each vendor, focusing on vendor stability, client strength, product features, and client services. Finastra was awarded the best-in-class designation due to its footprint, servicing, time in the market, and positive feedback and ratings from extensive client references.
Access the report here.
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world's top 100 banks. For more information, visit finastra.com.
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