Published On: Mon, May 10th, 2021

Finastra Fintech Offers Cashless Payment Tech

Cash may soon be a thing of the past.

Finastra (Twitter)

Israeli firm Finastra develops fintech solutions and services. These services include the expansion of cashless payment services. And this does not just mean using credit cards.

Fintech refers to new technologies which automate the delivery and use of financial services. Fintech helps companies, business owners and consumers better manage their financial operations, processes, and lives through new specialized software and algorithms which consumers and businesses alike can use on their mobile devices and home computers. New apps are being released just about every day for cashless payment services.

And soon no one will be using cash anymore. Think about it. Cash can be lost or stolen. You have to keep on going to the ATM to get more when you need it. Not that long ago credit cards were not yet in wide use and stores all had high minimum charges for accepting them in payment. Nowadays the smallest charges can be paid with a card. And with so much online commerce everyone uses either a charge card or a service like PayPal.

And now we have all of those cryptocurrencies like Bitcoin out there too.

Founded in 2017 by the combination of Misys and D+H, Finastra says that it wants to unlock the power of finance for everyone. The company states that it builds and delivers “innovative, next-generation technology on our open Fusion software architecture and cloud ecosystem. We’re one of the world’s largest FinTech’s working with over 9,000 customers, including 90 of the top 100 banks globally. Our scale and reach allow us to build long-lasting relationships that put our customers and their customers first.”

Finastra boasts that it is creating a pioneering open platform which is “disrupting the financial industry, changing how financial software is developed and used.” The company also asserts an unmatched portfolio of financial software and deliver mission critical solutions for financial institutions of all sizes, on premises or in the cloud. Its open architecture and platform approach embrace a wide ecosystem of partners and co innovators.

Finastra has $1.9 billion in revenues, more than 9,000 employees and roughly 8,600 customers, including 90 of the top 100 banks ranked globally.

The company also says that its new tech can help with creating more unbiased and gender neutral financial practices. Adam Lieberman, Head of Artificial Intelligence & Machine Learning at Finastra said, “From platforms that help assess algorithmic fairness metrics and synthetic data solutions that create more representative datasets to solutions tackling gender inequalities and the credit invisible, we have seen amazing AI-powered use cases for building an unbiased fintech future and fighting algorithmic bias.”

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