Singapore-based digital bank Tonik has announced its partnership with Finastra in order to improve its end-to-end core banking capabilities with Finastra Essence. Following this announcement, Finastra is set to strengthen the partnership with a deployment of dedicated experts and consultants in order to improve the development process of Tonik.

At the same time, the partnership will focus on launching new secure and efficient services. Finastra Essence represents a cloud-enabled product that will offer its comprehensive retail and commercial banking capabilities to improve Tonik’s overall suite of solutions. The service will be leveraged in order to provide the company with the needed flexibility and security to design the technology stack that meets its needs, preferences, and demands.

In addition, the product’s open architecture and functionality will provide the firm with the agility to develop new tools and launch them into the market in a quick and safe manner. Finastra’s recent partnerships and launches Global provider of financial software applications and marketplaces, Finastra announced multiple collaborations and launches in the last couple of months, covering several geographic regions around the world. In September 2023, the company extended its partnership with Corvallis, part of the Tinexta Group, which is an IT solution provider in the Italian financial services sector.

The strategic deal aimed to expedite the modernisation and digitalisation of IT infrastructure, as well as the adoption of real-time payments ahead of the EU’s mandatory transition to instant credit payments and transfers. This focused on improving the manner in which Italian banks and financial institutions accelerated their instant payment offerings. The partnership extended the scope from Finastra’s SaaS digital banking product, Essence, in order to include Finastra Payments To Go (an end-to-end SaaS payment processing tool), and the Global PAYplus (a functionality-rich payment hub product).

Earlier in the same month, Finastra signed a global agreement with Microsoft, aiming to improve the overall process of trade platform modernisation. The agreement focused on the existing availability of Finastra Trade Innovation within the cloud infrastructure and the objective of delivering optimised agility, scalability, and flexibility to banks and financial institutions. Moreover, the companies aimed to provide the complete functionality of Trade Innovation through a secure microservices architecture that was hosted on Microsoft Azure.

In essence, the agreement also prioritised the process of improving the way banks consistently provided efficient services to their clients throughout their modernisation endeavors. Furthermore, both already existing customers and new users were given the possibility to access increased flexibility to connect, collaborate, and adapt to evolving client needs and regulatory changes. .