Co-operative Bank Selects Finastra Kondor Cloud for Treasury Revamp

"Moving from an on-premises model to a cloud-based managed service is a big part of our operational strategy for treasury activity."

Three days of the Kondor? A lot more are probably on the way as Finastra has bagged a cloud deal with the Co-operative Bank.

The bank has selected Finastra Kondor in the cloud, available via Microsoft Azure, to upgrade its treasury infrastructure and automate manual reporting and processes. The solution is integrated with the apps CloudMargin and eflow’s TZTR via Finastra’s platform.

“Moving from an on-premises model to a cloud-based managed service is a big part of our operational strategy for treasury activity,” explains Gary McDermott, Treasurer at the Co-operative Bank. “With Finastra’s solution and the speed and flexibility offered by the cloud, we can continue to meet business requirements whilst ensuring regulatory compliance. Finastra has played an important role in our Treasury systems journey and we look forward to our continued collaboration to drive the digital treasury of the future.”

According to the London-based fintech firm, Finastra Kondor supports open integration across treasury trading instruments, third-party and proprietary analytics tools. It enables banks to trade volumes of treasury and derivatives and options through an open platform via APIs and datasets.

The Co-operative Bank also uses Fusion Risk for treasury credit risk management and Finastra’s banking technology for payments services.

Finastra’s partner Luxoft, a DXC technology company, was selected to manage the end-to-end implementation and services of Finastra Kondor in the cloud.

  • Keen on green – Finastra and EcoTree Team Up to Help Banks in Net-Zero Emission Quest – read the story here

The colour green also makes an appearance.

Wissam Khoury, EVP Treasury and Capital Markets at Finastra, adds: “The Co-operative Bank is a leader in ethical banking and is closely aligned with Finastra’s focus on placing environment, social and governance (ESG) factors at the heart of our strategy. We are excited to support the bank with enhancing its treasury operations and exploring possibilities to collaborate on future ESG activities.”

Finastra has shown an interest in this theme before. Back in April, the company partnered with forestry company EcoTree to create an initiative to provide its customers with carbon offsetting for the cost of starting up and maintaining their technology solutions.

Away from this new deal, Finastra is often active in the fintech sector. Last month, Finastra and HSBC announced that they are working together to distribute HSBC’s FX services via under a Banking as a Service (BaaS) model.

Finastra is a provider of financial software applications and marketplaces, and launched its platform in 2017. It offers solutions and services across lending, payments, treasury & capital markets, and retail & digital banking. The company works with 8,600 institutions, “including 90 of the world’s top 100 banks”.

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Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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