Open banking is a global phenomenon, and as more banks and FinTechs collaborate to unlock customer data for enriched banking experiences, partners increasingly see small businesses and enterprises as key targets. innovation. This week’s bank-FinTech collaboration roundup explores the latest ties between Italy and India, and beyond.
Finastra authorizes global payments for Mizrahi-Tehafot bank
Israeli bank Mizrahi-Tehafot is working with Finastra to strengthen its cross-border payment capabilities, the companies recently revealed. In a press release, the companies said Finastra will integrate its Fusion Payments To Go solution, designed for small financial institutions looking to strengthen their global payments capabilities. The tool supports faster cross-border transactions with support for the ISO 20022 messaging standard. “Until now, we have been using in-house solutions for processing payments,” said Dudi Avni, Head of Distribution Channel Applications at Mizrahi-Tehafot Bank. “Residential and business customers are increasingly demanding a more transparent payment experience and a broader set of payment options.”
Finastra strengthens its commercial loan offer
In addition to working with Mizrahi-Tehafot Bank, Finastra plans to collaborate more with lenders to improve its commercial lending solution. In partnership with the Risk Management Association (RMA), Finastra seeks to help commercial lenders improve their risk management capabilities and advance the risk rating frameworks of commercial banks in the United States. RMA integrates its dual risk scorecard technology within Fusion CreditQuest, allowing banks to use the business lending portal to build underwriting capabilities, which RMA says is critical to supporting the recovery small and medium-sized enterprises.
AccessPay adopts open banking for treasurers
Partnering with open banking infrastructure provider Yapily, AccessPay is working to unlock corporate banking data to help treasurers in their quest for real-time cash flow visibility and cash flow management. AccessPay allows businesses to integrate their bank account information to consolidate data into AccessPay, rather than having to manually switch between a variety of accounts. According to Yapily’s announcement, “This is the first open banking use case in corporate cash management to hit the market and demonstrates how technological innovation creates better services for businesses. . “
ForwardAI unlocks SMB data for lenders
Like AccessPay, ForwardAI is seizing the opportunity to unlock corporate data. Yet instead of unlocking bank data, FinTech is looking to leverage siled financial information within third-party platforms of small and medium-sized businesses for faster and more secure underwriting. The company launched ForwardAI Precise, an API that enables banks to unlock FinTech data from SMB clients to improve loan underwriting with real-time visibility of finances and an enriched view of historical data for more accurate forecasting. “By streamlining access to accurate, standardized real-time data, ForwardAI Precise is ultimately accelerating growth in the SMB market at an extremely critical time – the faster businesses can get loans, the faster they will be successful,” co- ForwardAI founder and CEO Nick Chandi said in the statement.
ICICI Bank uses Decentro for business banking APIs
Indian bank ICICI is looking to deepen its relationships with FinTechs and third-party companies through API integrations, and has used the API Decentro banking platform to achieve this. Together, the companies promote ICICI Bank’s various APIs designed for business banking services, including payments and accounting. Decentro bundles these APIs for third-party FinTechs and businesses to unlock ICICI Bank data. “With this new product, we seek to empower existing and new business categories such as SME service providers, accounting firms, B2B markets and many more across the country,” said Rohit Taneja, founder and CEO of Decentro.
Banca Selle, Workinvoice collaborates on Corporate Finserv
In Italy, Banca Sella is working with FinTech Workinvoice to strengthen the investment banking capacities of the FI. The partners collaborate on the development of digital solutions for businesses, with a focus on financing. Their first joint offering will be a factoring service, followed by a reverse factoring tool, to inject supply chains with working capital. “Banca Sella was the first Italian institution to seize the value that open banking could generate for clients,” said Doris Messina, head of digital transformation and marketing at Banca Sella, adding that “collaborations like this will make a difference in the future and allow us to offer even faster and more efficient solutions. “