Financial software applications and marketplaces provider Finastra has announced a partnership with San Marino-based payments processing startup Salve Financial Hub SpA (Salve FH) . Salve FH has selected Finastra Essence to support accurate and fast payment processing by simplifying compliance checks as well as to reduce payment delays resulting from over-compliance.

Finastra – Salve FH partnership details Based on the information detailed in the press release, Finastra’s SaaS solution, which is pre-integrated with Digital Engagement Hub, its suite of digital applications, is set to enable Save FH to process rapid, high-value payments for corporates and their beneficiaries by providing rigorous compliance checks during the onboarding process and on a regular basis thereafter. What is more, the company will also leverage Finastra’s APIs to build and maintain integrations with custodians and central banks alike. A cloud-first, next-generation digital banking solution, Essence combines sophisticated functionality and advanced technology to increase enterprise agility, decrease costs, and better operational efficiency.

Powered by open, microservices architecture, Essence’s robust and extensive retail and commercial banking functionality is set to enable Salve FH to deploy advanced products and services as it grows. Enabled by Digital Engagement Hub, the fintech will also provide data-driven, insight-led customer experiences across a range of areas including simplified onboarding, hassle-free origination, and advanced, omnichannel mobile and online banking. Commenting on the announcement, Massimo Ferracci, CEO at Salve Financial Hub SpA said that as a startup with ambitious growth plans, the company requires a flexible solution, underpinned by advanced technology, to enable it to address a substantial driver of late payments for its Europe-based customers, and in due course in additional regions.

Combined with the team’s expertise and ongoing support, Finastra’s proven SaaS solution and suite of applications are to help the company adapt in an expedited manner to new regulatory and customer demands and to implement additional applications as it grows further. Per the spokesperson’s statement, the partnership marks a strategic move that allows the company to assist increasingly more customers to reduce the time and costs of delayed transactions resulting from over-compliance. Siobhan Byron, EVP of Universal Banking at Finastra added that Salve FH is a fast-growing fintech that expedites the flow of payments between its customers through a hub model operating within a wider ecosystem.

Per their statement, balancing compliance checks and speed is a requirement for the company as it aims to remove friction from payment services and offer a seamless experience to its customers without having security or fraud prevention compromised. The official said that with open technology, cloud, and consistent integrations, Finastra is supporting Salve FH as it continues to expand its customer base and contribute to the economic growth of San Marino’s financial system. .