Finastra, a global provider of financial services software, has announced a collaboration with IBM to enhance its cloud-based lending managed services. The new service, Lending Cloud Service (LCS), will support Finastra's Corporate Lending solutions including Loan IQ, Trade Innovation, and Corporate Channels. This offering is available to clients in North America and Europe.
Steve Moe, Head of Technology for Lending at Finastra, stated that the announcement demonstrates their commitment to providing seamless digital lending solutions. "Part of our approach champions collaboration and tapping into partner core capabilities," Moe said. He emphasized that working with IBM offers scale and reliability in implementing offerings that deliver value quickly.
IBM will provide design and implementation for LCS using its generative AI platform watsonx as part of its consulting assets. This aims to manage the platform efficiently while also providing ongoing services to Finastra’s clients. Shanker Ramamurthy from IBM Consulting noted the importance of leveraging technologies like generative AI and hybrid cloud for competitive advantage in banking. "IBM is pleased to collaborate with Finastra on its modernized Lending Cloud Service," Ramamurthy said.
The service promises quick deployment through pre-configured options, simplified processes via automation, enhanced value through cloud economics, adherence to industry standards, and expert infrastructure management by IBM Consulting.