Refinitiv and Finastra are taking their long-standing partnership to a new level, using platform strategy, with the recent launch of Finastra’s FusionFabric.cloud, an open platform that will use Refinitiv data to foster innovation.
- Platform technology continues to reshape a wide range of industries, and is poised to disrupt financial services.
- Collaboration is crucial for delivering the innovation financial services firms need to thrive, and platform strategy can be part of this.
- Refinitiv’s partnership with Finastra will foster further transformation in the industry.
Finastra’s recently launched FusionFabric.cloud is an open platform that will change the way software is developed and deployed in the financial services industry.
We spoke with Eli Rosner, chief product and technology officer at Finastra, to learn more about it.
Q: Can you explain the three core components of FusionFabric.cloud and why platforms and platform strategy are becoming a major trend?
Platforms have long been a trend, reshaping such businesses as retail, hospitality, transportation, music, and video — Amazon, Uber, and YouTube are prime examples. Financial services is poised for similar disruption, so it’s an exciting time to be working in the industry.
FusionFabric.cloud is a platform-as-a-service (PaaS) solution that allows banks to bring third parties — such as fintechs, academic institutions, and developers — into their ecosystems.
It consists of three core components:
- FusionCreator, a rapid-development environment for financial applications with low-code capabilities and integrated API management tools.
- FusionOperate, a management system to deploy and operate applications in a secure cloud infrastructure.
- FusionStore, an online marketplace for banks to search for applications, then test and purchase them.
Q: Why is this the right time to launch FusionFabric.cloud?
The timing is perfect because Finastra enables the collaboration that has become crucial for innovation in financial services. The platform approach allows firms to discover new ways to meet and exceed customer expectations.
As platforms become more widely used, companies will need to make bold decisions and think about their businesses in new ways.
Technology is a great enabler, and we’d like to see more firms move their legacy systems to the cloud and take advantage of the potential benefits.
Our partnership with Refinitiv will help clients reshape their business strategies and decision-making — a crucial requirement in today’s market.
Q: How has the launch of FusionFabric.cloud added value to Finastra’s partnership with Refinitiv?
The launch creates new opportunities for customers using our platform to incorporate Refinitiv’s market and reference data in the software and apps they develop, and expands the reach of both companies.
A greater number of users in business and academia will come to rely on Refinitiv data for developing solutions.
Q: How do customers benefit from the partnership?
FusionFabric.cloud simplifies complex IT structures and delivers service applications that include sophisticated data management, aggregation, and distribution across the enterprise. Refinitiv data will give all these tools exceptional power when they are developed, tested, and ultimately run on the platform.
An important benefit is that once Refinitiv data is integrated with FusionFabric.cloud, everybody on the platform can access it, and the integration task doesn’t have to be repeated. Customers will be able to launch new apps and products in weeks instead of months or years.
We operate on Azure, Microsoft’s enterprise-ready, trusted cloud platform, so banks can feel safe bringing their data to us. We aim to be the number one open platform for innovation in financial services and we hope that FusionFabric.cloud will ultimately provide the backbone for sustainable transformation, benefiting firms of all sizes. Refinitiv’s enterprise cloud offering supports this strategy further.
Q: What shared goals between Finastra and Refinitiv do you see as the most important for the partnership?
Both companies believe deeply in the open platform strategy and its capacity to foster innovation. Having Refinitiv’s data on our platform makes each company stronger and better able to serve their respective customers — and that’s what a great partnership should be all about.