London-based financial software firm Finastra has agreed a multi-year cloud deal with Microsoft to help accelerate digital transformation in the financial sector. 

Finastra has more than 8,000 clients around the world and is currently building an open platform that accelerates collaboration and innovation in financial services.

The two companies already support some 3,000 banks and financial organisations across payments, lending, treasury and retail banking on Azure. The aim of the agreement is to reimagine the way banks and credit unions use technology and rethink sustainable, open finance.

Finastra has already used Azure to accelerate its own product road map and migrate 8,500 customers to the cloud.

“This is a truly exciting step-change in the relationship between our two companies,” said Finastra’s CEO Simon Paris. “We believe the future of finance is open. Together with Microsoft, we can provide people, businesses and communities with the solutions and services that fit around their needs and lives, unlocking the power and potential of finance for everyone. 

“As the pandemic has brought the future forward with regard to digitisation, our vision to transform the world of financial services aligns closely with Microsoft’s ambitions and I believe that together we can help accelerate this digital shift.”

The deal is a continuation of an already successful partnership between Microsoft and Finastra, with the financial company heavy into Azure and Office 365. The companies are now focusing on creating a workplace of the future and encouraging “digital-first” mindsets among employees. 

Finastra’s FusionFabric.cloud open innovation platform has been developed on Azure. It allows developers unprecedented access to build on top of Finastra’s core systems and deploy high-value applications at scale.

“Finastra’s open developer platform, built on Microsoft Azure, is leading the way in accelerating collaboration and innovation in financial services. By helping with capabilities such as e-signatory and e-notary, Finastra is able to quickly extend those solutions for more customers,” said Scott Guthrie, executive vice president of cloud and AI at Microsoft.