Financial technology provider Finastra has launched Trade Innovation Nexus, an integration layer that simplifies access to its platform, as it looks to spur banks to “innovate faster”.
Showcased at this year’s Sibos, held in Frankfurt this week, the integration layer aims to improve the interoperability of Trade Innovation, Finastra’s platform for working capital finance.
“Designed to streamline and accelerate the adoption of its Trade Innovation software, it simplifies interoperability between bank systems and the broader fintech ecosystem,” Finastra says.
The solution is cloud-ready, Finastra says, and provides a unified set of REST APIs, which are widely used to connect data to website and mobile apps.
It also incorporates other integration tools, as well as services to enable banks to connect with Finastra’s Trade Innovation software and other third-party platforms and solutions, including core banking applications. The company hopes it will accelerate migration from legacy systems.
“It reduces time to market for new services and supports banks’ integration needs across four distinct capabilities,” Finastra says.
These include maintaining static or reference data and absorbing extra information that is required to run the trade solution.
Alongside this, it supports the automation of workflow processing for Trade Innovation transactions and “simplifies onboarding” by taking data from upstream systems.
It also has integration adaptors that connect to other platforms in the trade ecosystem.
Rob Downs, vice-president for product management and lending at Finastra, says: “This offering highlights our commitment to modernising trade finance, supporting digital trade and enabling secure and scalable integration.
“We’re proud of the scalability and resilience benefits it brings and are excited to empower banks to innovate, reduce integration complexity and costs.”
In February, the fintech launched Assist.AI, a chatbot designed to answer questions on trade finance for users of its Trade Innovation platform.
Assist.AI is built on architecture from Microsoft Azure’s OpenAI Service, meaning it functions similarly to ChatGPT, analysing vast sets of training data to ‘learn’ how to respond.
