Fintech Finastra and financial sector consultancy firm Tesselate have launched a trade finance platform targeting US banks.

The platform, dubbed Tegula Trade Finance as a Service, will enable banks to automate manual processes and “future-proof their business, increase revenue streams, expand into new markets and strengthen security”.

Tegula works by either being integrated with an organisation’s systems or accessed through open APIs.

It is powered by Finastra’s trade innovation solution for trade and supply chain finance, as well as corporate channels, its digital banking platform that brings together trade, cash, supply chain finance, lending and treasury services for corporates, the fintech says.

Banks will also be able to access a range of financial services applications from Finastra’s marketplace.

“Our combined service with Tesselate delivers the automation and intelligence needed to increase efficiencies and decrease processing times, risk, errors and total cost of ownership,” says Jim McMahon, managing director, head of enterprise sales and strategic partnerships, Americas at Finastra.

“Importantly, the all-in-one solution promotes interoperability of trade finance processes to reduce friction and complexity, while giving banks the agility to enhance existing or launch new services,” McMahon says.

“Banks can take a modular approach to implementation for better cost and resource control, and we provide the ongoing updates, enhancements, and new capabilities at speed,” adds Alexandre Arnoux, chief revenue officer and managing partner at Tesselate.

This is the latest partnership for Finastra in this space; last year it teamed up with e-commerce solutions provider Elcy to offer a centralised platform linking corporates with banks supplying their trade finance.