Finastra and Microsoft agree multi-year cloud deal

Two companies will focus on creating a workplace for the future and encouraging "digital-first" mindsets

London-based financial software firm Finastra has agreed a multi-year cloud deal with Microsoft to help accelerate digital transformation in the financial sector. 

Finastra has more than 8,000 clients around the world and is currently building an open platform that accelerates collaboration and innovation in financial services.

The two companies already support some 3,000 banks and financial organisations across payments, lending, treasury and retail banking on Azure. The aim of the agreement is to reimagine the way banks and credit unions use technology and rethink sustainable, open finance.

Finastra has already used Azure to accelerate its own product road map and migrate 8,500 customers to the cloud.

"This is a truly exciting step-change in the relationship between our two companies," said Finastra's CEO Simon Paris. "We believe the future of finance is open. Together with Microsoft, we can provide people, businesses and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone. 

"As the pandemic has brought the future forward with regard to digitisation, our vision to transform the world of financial services aligns closely with Microsoft's ambitions and I believe that together we can help accelerate this digital shift."

The deal is a continuation of an already successful partnership between Microsoft and Finastra, with the financial company heavy into Azure and Office 365. The companies are now focusing on creating a workplace of the future and encouraging "digital-first" mindsets among employees. 

Related Resource

Preparing for long-term remote working after COVID-19

Learn how to safely and securely enable your remote workforce

Download now

Finastra's FusionFabric.cloud open innovation platform has been developed on Azure. It allows developers unprecedented access to build on top of Finastra's core systems and deploy high-value applications at scale.

"Finastra's open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services. By helping with capabilities such as e-signatory and e-notary, Finastra is able to quickly extend those solutions for more customers," said Scott Guthrie, executive vice president of cloud and AI at Microsoft. 

Featured Resources

Choosing a collaboration platform

Eight questions every IT leader should ask

Download now

Performance benchmark: PostgreSQL/ MongoDB

Helping developers choose a database

Download now

Customer service vs. customer experience

Three-step guide to modern customer experience

Download now

Taking a proactive approach to cyber security

A complete guide to penetration testing

Download now

Recommended

What is digital transformation?
Business strategy

What is digital transformation?

1 Dec 2020
The present and the future of higher education IT
Whitepaper

The present and the future of higher education IT

22 Mar 2021
Help to Grow: Government responds to SMB SOS
SMB

Help to Grow: Government responds to SMB SOS

18 Mar 2021
Adapt to thrive: Evolving customer experience in the face of a pandemic
Whitepaper

Adapt to thrive: Evolving customer experience in the face of a pandemic

10 Mar 2021

Most Popular

Microsoft is submerging servers in boiling liquid to prevent Teams outages
data centres

Microsoft is submerging servers in boiling liquid to prevent Teams outages

7 Apr 2021
How to find RAM speed, size and type
Laptops

How to find RAM speed, size and type

8 Apr 2021
UK exploring plans to launch its own digital currency
digital currency

UK exploring plans to launch its own digital currency

19 Apr 2021