The UK’s Co-operative Bank is set to transition its treasury operations to the cloud, leveraging Finastra’s Kondor platform hosted on Microsoft Azure.
Currently, the Co-operative Bank utilizes Finastra’s Fusion Risk for treasury credit risk management and the vendor’s banking technology for payment services. This move to a cloud-based system is anticipated to offer a modern, scalable, and cost-effective ownership model, along with access to ongoing upgrades and innovations, according to treasury manager Gary McDermott.
“Transitioning from an on-premises model to a cloud-based managed service is a crucial element of our operational strategy for treasury activities,” McDermott states. “With Finastra’s solution and the speed and flexibility of the cloud, we can continuously meet business needs while ensuring regulatory compliance.”
Furthermore, the Co-operative will have supported access to third-party applications CloudMargin and eflow through Finastra’s FusionFabric.cloud platform.
“Finastra is facilitating an open, collaborative, and innovative financial services ecosystem through FusionFabric.cloud,” says Shilpa Bangera, chief revenue officer of the platform at Finastra. “By integrating specialized applications like CloudMargin and eflow via our platform, The Co-operative Bank will gain enhanced functionalities, including automated reports, reconciliation, regulatory reporting, and collateral management.”
The end-to-end implementation at the Co-operative will be conducted by Finastra partner and software engineering firm Luxoft.