LONDON and NEW YORK — Finastra, a global provider of financial services software applications, and IBM (NYSE: IBM) today unveiled their collaboration on an enhanced cloud-based lending managed services offering. Finastra’s Lending Cloud Service (LCS) offers comprehensive and cost-effective services for its Corporate Lending solutions — Loan IQ, Trade Innovation and Corporate Channels – and is supported by IBM for Finastra clients in North America and Europe.
Steve Moe, Head of Technology for Lending at Finastra said, “We are excited to make this announcement as it demonstrates momentum in continuing to provide seamless digital lending solutions to our customers. Part of our approach champions collaboration and tapping into partner core capabilities, and that’s what we are doing here. Working with industry giants like IBM gives us huge scale, credible skills and a reliable and quick path to implement offerings that deliver value at speed for our customers.”
IBM is providing design and implementation for LCS, leveraging its generative AI for enterprise platform, watsonx, as part of operationally focused IBM Consulting assets, to more efficiently and resiliently manage the new platform. IBM will also provide ongoing services to Finastra’s LCS clients in North America and Europe with the aim of helping Finastra continue to grow its business.
Shanker Ramamurthy, Global Managing Partner Banking & Financial Markets at IBM Consulting said, “The global banking community is increasingly recognizing the imperative of leveraging exponential technologies, such as generative AI, the flexibility, resilience and security of hybrid cloud, and the exceptional access a robust ecosystem can deliver. The combination of these elements is a truly powerful competitive advantage. IBM is pleased to collaborate with Finastra on its modernized Lending Cloud Service, leveraging Microsoft Azure, which delivers a valuable offering, that provides greater value, automation, resiliency and generative AI powered insights and actions to its corporate clients.”
The Lending Cloud Service is delivered on Microsoft Azure and harnesses Finastra’s financial services technology expertise and excellence, and proven mission-critical solutions. A cornerstone of the new LCS is Service Value Management (SVM), a customer first, continuous improvement, value-based approach to managing customers’ cloud transformation journey.
For more information about Finastra’s Lending Cloud Service, visit Finastra’s website.
