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New technologies, competitors and regulations mean that to remain relevant, banks must innovate faster than ever. Today, open collaboration is essential.
To address this challenge, Finastra created FusionFabric.cloud – the open developer cloud platform for the financial services ecosystem. By harnessing the power of collaborative innovation, the platform helps financial institutions to accelerate transformation, unlock the power of data, drive efficiencies and improve the customer experience.
FusionFabric.cloud is made up of three core components:
FusionCreator: This developer portal and Application Programming Interface (API) catalog enables developers to access to access datasets, build their own solutions and roll out products quickly.
FusionOperate: The production environment, hosted on Microsoft Azure, to deploy and run apps. It allows fintechs to securely connect their apps to Finastra software running on financial institution environments all over the world.
FusionStore: The marketplace from which applications developed through FusionCreator can be monetized, promoted, discovered and consumed.
Who needs the product?
FusionFabric.cloud opens up Finastra’s core systems via the FusionFabric platform to all players in the financial services ecosystem – banks, fintechs, system integrators, independent developers, consultants and students.
What features are relevant?
FusionFabric.cloud enables financial institutions to unlock meaningful insights with data. It allows clients to gain value from their own data, access third-party data and provides a mechanism to allow users to share their data. This helps financial institutions to lower costs, increase revenue and make more informed business decisions, while improving the customer experience.
Intelligent data sharing
The platform aggregates data from a wide variety of sources, cleanses and processes it for continuous model training, and curates the data for advanced analytics. This enables financial institutions to make forward-thinking business decisions.
Modern open architecture
The foundation of FusionFabric.cloud is a secure, open architecture. This gives financial institutions the control, agility and flexibility to stay efficient, be resilient to change, and increase their pace of adoption of new technologies – all at significantly reduced operating costs.
What are some real case examples?
NetGuardians’ Payment Fraud Prevention app launched on FusionFabric.cloud. The app uses artificial intelligence to proactively detect fraudulent transactions in real-time and reduce fraud losses. NetGuardians’ operational experience shows that, compared to traditional anti-fraud solutions, the app reduces the number of false positives by an estimated up to 83 percent, resulting in bank staff spending around 93 percent less time investigating suspicious payments.
The integration makes it incredibly easy for banks that are already using Finastra’s payments, cash management and retail banking solutions to deploy the app and start benefitting from fraud protection – with a reduced cost of implementation and fast time to market.
What is special about the product?
Finastra’s Financial Services State of the Nation Survey 2021, which canvassed opinion from 785 professionals within financial institutions globally, found that shared data and infrastructure is expected to become a key part of the strategy for the move to Open Banking and Open Finance (77% of respondents agreed). Having an open platform in place, such as FusionFabric.cloud, is a key enabler in supporting innovation and increased collaboration. The use of platform technologies and open APIs are crucial for giving banks the agility to capitalize on the transition to Open Banking and Open Finance, as well as opportunities to provide Banking as a Service (BaaS) and embedded finance offerings.
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